Discussion Forum



1)

A person deposited Rs.400 for 2 years, Rs.550 for 4 years and Rs. 1,200 for 6 years. He received the total simple interest of Rs.1020. The rate of interest per annum is


A) 10%

B) 5%

C) 15%

D) 20%

E) 25%

Answer:

Option A

Explanation:

Let the rate of interest be $R\%$ per annum.

Given, $\frac{400\times 2\times R}{100}$ $+\frac{550\times 4\times R }{100}$ $+\frac{1200\times 6\times R}{100}$ $=1020$

$8R+22R+72R$ $=1020$ $\Rightarrow 102R =1020$ $\Rightarrow R$ = 10%.