A man deposited Rs. 2850 in a bank at 7% p.a. and Rs. 2150 in another bank at 9% p.a. Find the rate of interest for the whole sum.
Answer & explanation
Correct answer: option 1
SI₁ = \(\frac{2850 × 7 × 1}{100}\) = 199.5
SI₂ = \(\frac{2150 × 9 × 1}{100}\) = 193.5
Total SI = 199.5 + 193.5 = 393
Rate = \(\frac{393}{5000}\) × 100 = 7.86%