Question

7. A person deposited 400 for 2 years, 7550 for 4 years and 1200 for 6 years at the same rate of simple
interest. If he received a total interest of 1020, what is the rate of interest per annum?
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Answer 1

Answer:

Let the rate of interest be R per cent per annum.

\therefore \frac{400\times 2\times R}{100}+\frac{500\times 4\times R}{100} + \frac{1200\times 6\times R}{100} = 1020

=> 8R+22R+72R = 1020

=> 102R = 1020

=> R = \frac{1020}{102} = 10\%

Step-by-step explanation:

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