Question
A person deposited ₹ 500 for 2 years, ₹ 600 for 5
years and ₹ 1000 for 6 years all at the same rate of simple interest. If he received the total simple interest of ₹ 1000, then what is the rate of interest per annum?Solution
Person deposited Rs. 500 for 2 years Person deposited Rs. 600 for 5 years Person deposited Rs. 1000 for 6 years Total simple interest is Rs. 1000 ⇒ 1000 = (500 x R x 2)/100 + (600 x R x 5)/100 + (1000 x R x 6)/100 ⇒ 1000 = 10R + 30R + 60R ⇒ 100R = 1000 ⇒ R = 10%
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