Question

Given below are two statements :
Statement I: A savings account at Bank A pays 6.2% interest, compounded annually. Bank B's savings account pays 6% compounded semi-annually. Bank B is paying less total interest each year.
Statement II: A sum of money at a certain rate of compound interest doubles in 3 years. In 9 years, it will be P times original principal. Then P = 9.
In the light of the above statements, choose the correct answer from the options given below.

• A. Both Statement I and Statement II are true
• B. Both Statement I and Statement II are false
• C. Statement I is true but Statement II is false
• D. Statement I is false but Statement II is true

Answer 1

The Correct Option is C

The Correct Option is (C) : Statement I is true but Statement II is false