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%
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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%.
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