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The following questions are accompanied by three statements (I), (II), and (III). You have to determine which statements(s) is/are sufficient/necessary to answer the questions. Find the amount of money invested by Jamnalal in the scheme?  I. An increase in simple interest from 44/3% to 58/3% per annum increases his yearly income by 2800. II. The sum invested get doubled, when invested at 20% per annum for 5 years. III. Amount on sum is twice in 5 years.

The following questions are accompanied by three statements (I), (II), and (III). You have to determine which statements(s) is/are sufficient/necessary to answer the questions. Find the amount of money invested by Jamnalal in the scheme?  I. An increase in simple interest from 44/3% to 58/3% per annum increases his yearly income by 2800. II. The sum invested get doubled, when invested at 20% per annum for 5 years. III. Amount on sum is twice in 5 years. Correct Answer Only I

Let the invested amount be Rs. x 

From statement I: 

⇒ SI = P × r × n/100 

Increase in rate of interest = 58/3 – 44/3 = 14/3% 

Increase in SI because of increased rate of interest: 

⇒ x × 14/3 × 1/100 

This increase = Increase in income = 2800 

⇒ x × 14/3 × 1/100 = 2800 

⇒ x = 280000 × 3/14 

⇒ x = 60,000 

From statement II: 

⇒ P = x

⇒ SI = 2X 

⇒ 2x = x × 20 × 5/100

X cannot be calculated. 

From statement III:

Since rate of interest is not given, we cannot calculate

From here x cannot be calculated 

∴ Statement I alone is sufficient while statement II and III are not sufficient to answer the question.

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