Data Sufficiency Question no 3

Q:

Sanjay deposited Rs. 100 to open a savings account. If there are no other transactions in the account, what amount of money would the account accrue in 6 months after opening the account?
(1) The interest rate is 4%
(2) Interest is compounded quarterly

  1. ) Statement 1 alone is sufficient but statement 2 alone is not sufficient to answer the question asked
  2. Statement 2 alone is sufficient but statement 1 alone is not sufficient to answer the question asked
  3. Both statements 1 and 2 together are sufficient to answer the question but neither statement 1 nor statement 2 is sufficient alone.
  4. Each statement alone is sufficient to answer the question
  5. Statements 1 and 2 together are not sufficient to answer the question asked, and additional data specific to the problem are needed.
Level: Medium

Statement 3
In statement 1 the interest rate is given but the time for the interest is not given, it could be monthly, quarterly or yearly or something else so it couldn’t tell the amount after 6 months.
In statement 2 we have been provided the data that interest is added as compound interest and the time frame for the interest is a quarter or 3 months
So, by using both the statements we can find the amount after 6 months.

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