tusharkhale wrote:
vituutiv wrote:
1 is clearly not sufficient
2 leads to the equation: (1+X%/100)^N = 1.09 -> 2 variables, 1 equation -> infinite answers
1+2: Combining both, we guarantee that X=N, therefore 1 variable + 1 equation -> 1 answer
C
I am a bit confused with the explanation of statement 2.
Even-though the final answer should be C the explanation seems not right.
I just realized it's simple interest, not compound. That's probably why you were confused.
The equation changes, but the reasoning is the same.
The equation derived from (1) is, in fact:
P*(1+X*N) = P*1.09 -> (1+X*N) = 1.09 -> 2 variables, 1 equation