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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

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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%

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2 answers

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Answered by on | Votes 1 |
This question was asked some where in previous year papers of ssc, and correct answer was 5%

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0 vote
Answered by on | Votes 0 |

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%




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