Direction: Each of the questions below consists of a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statements are sufficient to answer the question. Read both the statements and Read both the statements and give answer
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What will be the compounded amount?
I. $ 200 were borrowed for 192 months at 6% compounded monthly.
II. $ 200 were borrowed for 16 years at 6%
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- If the data in statement I alone are sufficient to answer the question, while the data in statement I alone are not sufficient to answer the question.
- 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
- If the data either in statement I alone or in statement II alone are sufficient to answer the question.
- If the data even in both statements I and II together are not sufficient to answer the question.
- If the data in statement I alone are sufficient to answer the question, while the data in statement I alone are not sufficient to answer the question.
Correct Option: C
On the basis of above given details in question ,
From statement I ,
Time = 192 months = 192 / 12 = 16 years , rate = 6% and P = $ 200
Amount = [ 200 ( 1 + 6 / 100 )16
From statement II ,
Time = 16 years , rate = 6% and P = $ 200
Amount = [ 200 ( 1 + 6 / 100 )16
Hence , the data either in statement I alone or in statement II alone are sufficient to answer the question.
