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Study the question and all the three statements given and decide whether any information provided in the statements are redundand and can be dispensed with while answering the questions. Question : What is the rate of interest per year ? Statements : 1. The amount invested is Rs. 6000. 2. The amount becomes Rs. 6741.60 in 2 years at compound interest. 3. The difference between compound interest and simple interest in 2 years is Rs. 21.60.

Correct Answer: Any two of (1, 2 & 3)

Explanation:

Using Both 1 & 2 statements we get the rate of interest as in (1) we have given principle amount and in (2) compound interest for 2 years. By this data we get the rate%.


Using Both 1 & 3 statements we can get the rate% as we have principle amount & difference between compound interest and simple interest in 2 years.


Using Both 2 & 3 statements we get compound interest & simple interest by which we get principle amount. So that we can calculate %rate.


Hence by using any two of the three statements(1,2&3) we get rate of interest.


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