Question

The rate of interest on a sum of money is 3% per annum for the first two years 6%for the next three years 9% per annum for the period beyond five years.What will be the simple interest on rs.4000 for 10 years

Answer 1

Given:

The rate of interest on a sum of money is 3% per annum for the first two years 6%for the next three years 9% per annum for the period beyond five years.

To find:

The simple interest on Rs. 4000 for 10 years

Solution:

We will use the following formula to solve the given question:

• Simple Interest = $\frac{PRT}{100}$

We have,

The sum of money, P = Rs. 4000

The total time period = 10 years

The above sum of money is given on simple interest as follows:

3% p.a. for the first 2 years

6% p.a. for the next 3 years

9% p.a. for the period beyond 5 years i.e., for (10 - 5) = 5 years

Now, according to the question and using the formula of simple interest, we get

$Total\: Interest = [\frac{4000\times 3\times 2}{100} ] + [\frac{4000\times 6\times 3}{100}] + [\frac{4000\times 9\times 5}{100}]$

$\implies Total\: Interest = [40\times 3\times 2 ] + [40\times 6\times 3] + [40\times 9\times 5]$

$\implies Total\: Interest = [240 ] + [720] + [1800]$

$\implies \bold{Total\: Interest = 2760}$

Thus, the simple interest on a sum of Rs.4000 for 10 years will be Rs. 2760.

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