Question 73

A person deposited 500 for 4 years and 600 for 3 years at the same rate of simple interest in a bank. Altogether she received 190 as interest. The rate of simple interest per annum was

Solution

Let rate of interest = $$r\%$$

Simple interest = $$\frac{P\times R\times T}{100}$$

According to ques,

=> $$(\frac{500\times r\times4}{100})+(\frac{600\times r\times3}{100})=190$$

= $$20r+18r=190$$

=> $$r=\frac{190}{38}=5\%$$

=> Ans - (C)

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