Simple Interest Practice Test 4

Question : 3 of 26

Marks: +1, -0

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

Validate

Solution:

Let the rate of interest = R
P = Rs 500
R = R
Time = 4 years
Also P = Rs 600
R = R
Time = 3 years
SI = Rs 190

190={500×4×R}/100+{600×3×R}/100

190 = 20R + 18R

38R = 190

R=190/38=5%

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