Question

A man deposits rs 2000 in a bank at 4% per annum and rs 3000 in uti at 14% per annum. Find the rate of interes for the whole sum

Answer 1

Rate of interest for given question is - 10% per annum

Simple interest is given by the formula

I = P*R*T/100

Where I denotes interest, P denotes principle, r refers to rate of interest and t defines time.

For the first bank-

I= 2000*4*1/100

I= 80 Rs.

For UTI -

I = 3000*14*1/100

I= 420 Rs.

Now, to calculate rate of interest on whole sum,

Whole interest he received = 80+420

I= 500 Rs.

Whole principle amount he invested = 2000+3000

= 5000 Rs.

Rate of interest on whole sum of money =

R= I*100/(P*T)

R= 500*100/(5000*1)

R= 10%

Hence, rate of interest on whole amount of Rs. 5000 is 10% per annum.

Answer 2

Step-by-step explanation:

Solution is here above