Aptitude - Compound Interest

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Overview

Important Formulas

Exercise

"We cannot solve our problems with the same thinking we used when we created them."

- Albert Einstein

Directions to Solve

Each of the questions given below consists of a statement and / or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is / are sufficient to answer the given question. Read the both statements and

Give answer (A) if the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question.
Give answer (B) if the data in Statement II alone are sufficient to answer the question, while the data in Statement I alone are not sufficient to answer the question.
Give answer (C) if the data either in Statement I or in Statement II alone are sufficient to answer the question.
Give answer (D) if the data even in both Statements I and II together are not sufficient to answer the question.
Give answer(E) if the data in both Statements I and II together are necessary to answer the question.

What is the rate of compound interest?
I.
The principal was invested for 4 years.
II.
The earned interest was Rs. 1491.

A.	I alone sufficient while II alone not sufficient to answer
B.	II alone sufficient while I alone not sufficient to answer
C.	Either I or II alone sufficient to answer
D.	Both I and II are not sufficient to answer
E.	Both I and II are necessary to answer

What will be compounded amount?
I.
Rs. 200 was borrowed for 192 months at 6% compounded annually.
II.
Rs. 200 was borrowed for 16 years at 6%.

A.	I alone sufficient while II alone not sufficient to answer
B.	II alone sufficient while I alone not sufficient to answer
C.	Either I or II alone sufficient to answer
D.	Both I and II are not sufficient to answer
E.	Both I and II are necessary to answer

An amount of money was lent for 3 years. What will be the difference between the simple and the compound interest earned on it at the same rate?
I.
The rate of interest was 8 p.c.p.a.
II.
The total amount of simple interest was Rs. 1200.

A.	I alone sufficient while II alone not sufficient to answer
B.	II alone sufficient while I alone not sufficient to answer
C.	Either I or II alone sufficient to answer
D.	Both I and II are not sufficient to answer
E.	Both I and II are necessary to answer