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Arithmetic Ability
Compound Interest

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Mr. Gupta borrowed a sum of money on compound interest. What will be the amount to be repaid if he is repaying the entire amount at the end of 2 years? I. The rate of interest is 5 p.c.p.a. II. Simple interest fetched on the same amount in one year is Rs. 600. III. The amount borrowed is 10 times the simple interest in 2 years.

A. I only

B. III only

C. I or II

D. II and Either I or III only

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Correct choice: D

Explanation:

I. gives, Rate = 5% p.a. II. gives, S.I. for 1 year = Rs. 600. III. gives, sum = 10 x (S.I. for 2 years). Now I, and II give the sum. For this sum, C.I. and hence amount can be obtained. Thus, III is redundant. Again, II gives S.I. for 2 years = Rs. (600 x 2) = Rs. 1200. Now, from III, Sum = Rs. (10 x 1200) = Rs . 12000. Thus,Rate =100*1200/2*12000 =5% Thus, C.I. for 2 years and therefore, amount can be obtained. Thus, I is redundant. Hence, I or III redundan

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Arithmetic Ability Compound Interest

Arithmetic Ability
Compound Interest