Find the interest obtained after 3 years on a sum which is invested on compound interest at the rate of R% per annum?
Statement I: If Rs. 32000 is invested on simple interest at the rate of R% per annum, then Rs. 4480 interest is obtained in 2 years.
Statement II: The difference of simple and compound interest on the sum is Rs. 245 after 2 years when invested at same rate.
1
Statement II alone is sufficient to answer the question.
2
Both Statements I and II together are not sufficient to answer the question.
3
Either statement I or statement II alone is sufficient to answer the question.
4
Statement I alone is sufficient to answer the question.
5
Statements I and II together are required to answer the question.