The rate of simple interest for first 3 year is 6%, for next 4 years it is 7% and the period beyond 7 years it is 8% per annum. If a man invest ₹7600 for 12 years, find the simple interest earned by him?
Answer & explanation
Correct answer: option 3
Total S.I. for first 3 years = 6% × 3 = 18%
Total S.I. for next 4 years = 7% × 4 = 28%
Total S.I. for next 5 years = 8% × 5 = 40%
Total S.I. for 12 years = (18 + 28 + 40)% = 86%
S.I. for 12 years = 7600 × 86% = 6536/-