A person deposited ₹500 for 2 years, ₹600 for 5 years and ₹1000 for 6 years all at the same rate of simple interest. If he received the total simple interest of ₹1000, then what is the rate of interest per annum?
Answer & explanation
Correct answer: option 3
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
Let rate = R%
ATQ,
\(\frac{500 × R × 2}{100}\) + \(\frac{600 × R × 5}{100}\) + \(\frac{1000 × R × 6}{100}\) = 1000
10R + 30R + 60R = 1000
100R = 1000
R = 10
So, Rate = 10%