The rate of interest for the first 3 years is 5% p.a. for the next 5 years is 6% p.a., and for the period beyond 8 years is 12.5% p.a., if a person gets Rs. 13545 as simple interest after 10 years, then how much money did he invest?
Answer & explanation
Correct answer: option 1
Interest for first 3 years = 15% (3 × 5)
Interest for nexct 5 years = 30% (5 ×6)
Interest for last 2 years = 25% (2 × 12.5)
Total interest = 70%
70% = 13545
1% = 193.5
100% = Rs. 19350