A man deposited Rs.1480 in a bank at 7% p.a. and Rs.1720 in another bank at 9% p.a. Find the rate of interest for the whole sum:
Answer & explanation
Correct answer: option 2
SI₁ = \(\frac{1480 × 7 × 1}{100}\) = 103.6
SI₂ = \(\frac{1720 × 9 × 1}{100}\) = 154.8
Total SI = 258.4
Rate = \(\frac{258.4}{3200}\) × 100 = 8.075%