Postal or Sorting Assistants Model Paper 1 With Solutions

Question : 23 of 100

Marks: +1, -0

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

Validate

Solution:

S.I (Simple Interest)

={\text"Principle"_1 × \text "Rate" × \text "Time"_1 }/{100}+{\text "Principle"_1+ \text "Rate" × \text "Time"_1}/100

190={500×R×4}/100+{600×R×3}/100

190 = 207R +187R => 387R = 190 => 7R = 5%

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