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# Find the rate of interest if the compound interest on a sum

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CEO
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Find the rate of interest if the compound interest on a sum [#permalink]

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20 Sep 2003, 13:10
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1. Find the rate of interest if the compound interest on a sum of $4000 is$ 1324.
(I) The simple interest on the same sum at the same rate is \$1200.
(II) The compound interest is compounded every four months.

2.What is the sum of the integers k, l, m?
(I) The average of the three numbers is less than 21.
(II) The average of the three numbers is more than 19.
Intern
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21 Sep 2003, 03:26
1. (E) There isn't sufficient information to solve 2 variables, the rate of interest & the time for which the interest is calculated.

2.(C) Combining I & II the average of the 3 numbers is 20.

What are the correct answer choices?
Intern
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21 Sep 2003, 15:48
Soumala wrote:
1. (E) There isn't sufficient information to solve 2 variables, the rate of interest & the time for which the interest is calculated.

2.(C) Combining I & II the average of the 3 numbers is 20.

What are the correct answer choices?

Concerning #2, why is the average 20?

The two statements taken together say that the possible sums of k,l,and m can be 58-62.

I would say the answer is E.
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21 Sep 2003, 22:11
Looks like I made a wrong assumption. The answer to #2 will be (E).
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22 Sep 2003, 05:16
(2) agree with E

lets consider the first problem it closer.

R is the yearly rate, X is the number of years, N is the number of periods within a year.
It is given that 1324=4000*(R/100N)^NX.

(1) 1200=4000*RX/100 or 120=RX; not enough
(2) 1324=4000*(R/400)^4X; not enough again

combine: two equations and two variables (R and X) seem enough. I vote for C.
22 Sep 2003, 05:16
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