Practicing Success
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? |
15% 5% 10% 20% |
10% |
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% |