The rate of simple interest for first 3 year is 5%, for next 4 years it is 6% and the period beyond 7 years it is 7% per annum. If a man invest ₹8700 for 11 years, find the simple interest earned by him?
Answer & explanation
Correct answer: option 4
Total S.I. for first 3 years = 5% × 3 = 15%
Total S.I. for next 4 years = 6% × 4 = 24%
Total S.I. for next 4 years = 7% × 4 = 28%
Total S.I. for 11 years = (15 + 24 + 28)% = 67%
S.I. for 11 years = 8700 × 67% = 5829/-