Discussion :: Compound Interest
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What is the rate of compound interest?
I. The principal was invested for 4 years.
II. The earned interest was Rs. 1491.
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A.
I alone sufficient while II alone not sufficient to answer |
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B.
II alone sufficient while I alone not sufficient to answer |
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C.
Either I or II alone sufficient to answer |
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D.
Both I and II are not sufficient to answer |
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E.
Both I and II are necessary to answer |
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Answer : Option D
Explanation :
Let Principal = Rs. P and Rate = R% p.a. Then,
Amount = Rs.[P\( (1+\frac { R } { 100} ) ^4]\)
C.I = p [ \( (1+\frac { R } { 100} ) ^4-1]\)
P[\( (1+\frac { R } { 100} ) ^4-1]\)=1491
Clearly, it does not give the answer.
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