A person deposited Rs.500 for 4 years and Rs.600 for 3 years at the same rate of simple interest in a bank. Altogether he received Rs.190 as interest. The rate of simple interest per annum was
1). 4%
2). 5%
3). 2%
4). 3%
This is the right answer
Let 'r' be the rate of interest
190 =$\frac{500 \times 4\times r}{100 }$ +$\frac{600 \times 3\times r}{100 }$
20r + 18r = 190
38r = 190
r =5%
3. Find the rate at Simple interest, at which a sum becomes four times of itself in 15 years.
4. What will be the compound interest on an amount of Rs 46875 for a period of 3 years at 4% p.a. ?
10. In what time will Rs. 4200 amount to Rs. 4898.88 at 16% compound interest payable helf-yearly ?