1)

A person deposited Rs.400 for 2 years, Rs.550 for 4 years and Rs. 1,200 for 6 years. He received the total simple interest of Rs.1020. The rate of interest per annum is


A) 10%

B) 5%

C) 15%

D) 20%

E) 25%

Answer:

Option A

Explanation:

Let the rate of interest be R% per annum.

Given, 400×2×R100 +550×4×R100 +1200×6×R100 =1020

8R+22R+72R =1020 102R=1020 R = 10%.