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Aptitude - Compound Interest - Discussion

Discussion Forum : Compound Interest - Data Sufficiency 1 (Q.No. 2)
Compound Interest
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.
2.

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%.

I alone sufficient while II alone not sufficient to answer
II alone sufficient while I alone not sufficient to answer
Either I or II alone sufficient to answer
Both I and II are not sufficient to answer
Both I and II are necessary to answer
Answer: Option
Explanation:

 I. Amount = Rs. 200 x 1 + 6 16
100

II. Amount = Rs. 200 x 1 + 6 16
100

Thus, I as well as II gives the answer.

Correct answer is (C).

Discussion:
13 comments Page 1 of 2.
Ratnesh said:   1 decade ago
In the statement II the period is not given that is annually or half yearly.
Sundar said:   1 decade ago
192/12 = 16.

192 months = 16 years.

Both I and II are giving the same data. So I or II is enough to find the answer.

The statement-II implicitly gives that the interest is compounded annually.
Prateek said:   1 decade ago
In the second one there is nothing mentioned about compounded annually semiannually or quarterly how can we answer.
Shilpa said:   1 decade ago
In the statement II, nothing is mentioned that we have to calculate compound amount annually or not, so data is not sufficient in II statement.
Sreenu said:   1 decade ago
There is no default condition that we need to take annual compounding when nothing mentioned. So, it is possible only by I not by II.
Mohan said:   1 decade ago
In some problems you put -1 and in some problems you don't in the end of formula why it is so.
Dev said:   1 decade ago
The second statement doesn't have no. terms.

Only 1 is possible.
Sam said:   1 decade ago
In 2nd statement he didn't mentioned interest annually. So only 1 is correct.
Suvo said:   9 years ago
Only 1 is the right option.
Srajan said:   8 years ago
The second statement does not state that whether it is compounded annually or half-yearly.
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