Question

The rate of simple interest on a sum of money is 6% p.a. for the first 3 years, 8% p.a. for the next 5 years and 10% p.a. for the period beyond 8 years. If the simple interest accrued by the sum for a total period of 10 years is Rs. 1560, what is the sum?

• A. Rs. 1500
• B. Rs. 2000
• C. Rs. 3000
• D. Data inadequate

Answer 1

The correct option is B Rs. 2000

Let the sum be Rs. x. Then

$\frac{x\times 6\times 3}{100}+\frac{x\times 8\times 5}{100}+\frac{x\times 10\times 2}{100}=1560$

or 78x = 156000
or x = 2000