Question

A person deposited 400 for 2 years, 550 for 4 years and 1200 for 6 years at the same rate of simple
Interest. If he received a total interest of Rs.1020, what is the rate of interest per annum?

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Answer 1

Answer:

10

Step-by-step explanation:

1) Let the Rate of Interest be R.

2) Therefore, SI of 400 for 2 years = 4 × 2 × R = 8R.

3) SI of 550 for 4 years = 11 × 2 × R = 22R.

4) SI of 1200 for 6 years = 12 × 6 × R = 72R.

5) Total sum of interest = 1020.

6) Therefore, 8R + 22R + 72R = 1020

7) R = 10.

Answer 2

Answer:

Required rate of interest 11.1%

Step-by-step explanation:

Given, a person deposited 400 for 2 years, 550 for 4 years and 1200 for 6 years and it is also given that rate of interest is same for each case.

Let rate of interest be r%.

We know, Simple interest $= \frac{prt}{100}$

where p is principal,r is rate of interest and t is time.

When,

$p = 400 \: rupees \: and \: t = 2 \: years$

So, simple interest

$= \frac{400 \times r \times 2}{100} \\ = 8r \: rupees$

When,

$p = 550 \: rupees \\ t = 4 \: years$

So, simple interest

$= \frac{550 \times 4 \times r}{100} \\ = 22r \: rupees$

When,

$p = 1200 \: rupees \\ t = 6 \: years$

So, simple interest

$= \frac{1200 \times 6 \times r}{100} \\ = 72r \: rupees$

According to question he received a total interest of Rs.1020.

So,

$8r + 22r + 72r = 1020 \\ 92r = 1020 \\ r = \frac{1020}{92} \\ r = 11.086\% \\ r = 11.1\%$

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