Question : A person deposited INR 500 for 3 years, INR 650 for 5 years, and INR 1,250 for 7 years. He received a total simple interest of INR 1,620. The rate of interest per annum is:
Option 1: 12%
Option 2: 13%
Option 3: 10.8%
Option 4: 11%
Latest: SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL complete guide
Correct Answer: 12%
Solution :
Given: A person deposited INR 500 for 3 years, INR 650 for 5 years, and INR 1,250 for 7 years.
Total Simple Interest = INR 1,620
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
According to the question,
⇒ $1620=\frac{500×R×3}{100}+\frac{650×R×5}{100}+\frac{1250×R×7}{100}$
⇒ $1620=15R+\frac{65R}{2}+\frac{175R}{2}$
⇒ $1620=\frac{30R+65R+175R}{2}$
⇒ $1620×2=270R$
⇒ $R=\frac{1620×2}{270}=12\%$
Hence, the correct answer is 12%.
Related Questions
Know More about
Staff Selection Commission Combined Grad ...
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Get Updates Brochure
Your Staff Selection Commission Combined Graduate Level Exam brochure has been successfully mailed to your registered email id “”.
