Multiple choice

Directions: The question below is followed by two statements A and B. You are to determine whether the data given in the statements is sufficient for answering the question. You should use the data and your knowledge of Mathematics to choose between the possible answer What is the rate of interest p.c.p.a. on an amount of Rs. 15,000 deposited in a Bank? (A) The simple interest for three years is Rs. 2,700. (B) The difference between the simple interest and compound interest is Rs. 165.24.

  1. If statement (A) alone is sufficient to answer the question, but statement (B) alone is not sufficient.

  2. If statement (B) alone is sufficient to answer the question, but statement (A) alone is not sufficient.

  3. If both statements (A) and (B) together are needed to answer the question.

  4. If either statement (A) alone or statement (B) alone is sufficient to answer the question.

  5. if you cannot get the answer from the statement A and B together, but need even more data.
Reveal answer Fill a bubble to check yourself
A Correct answer
AI explanation

Using statement A, the simple interest formula is Rate = (100 * Simple Interest) / (Principal * Time), so the rate is (100 * 2700) / (15000 * 3), which equals 6%. Statement B only provides the difference between simple and compound interest without specifying the time period, making it impossible to solve for the rate uniquely. Therefore, statement A alone is sufficient to find the rate, while statement B alone is not.

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