Multiple choice

Vijender deposited a certain amount of money in bank for 7 years. He got 5% p.a. interest for first 2 years, 8% p.a. for the next 3 years and 10% p.a. for the remaining period. If he got a total of Rs. 4860 as simple interest, then what was the amount deposited by him?

  1. Rs. 13,880

  2. Rs. 10,500

  3. Rs. 11,000

  4. Rs. 9,000

  5. None of these
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Simple Interest = P * (R1*T1 + R2*T2 + R3*T3) / 100. 4860 = P * (5*2 + 8*3 + 10*2) / 100. 4860 = P * (10 + 24 + 20) / 100 = P * 54 / 100. P = 486000 / 54 = 9000.

AI explanation

Using the simple interest formula I = (P * R * T) / 100, the total interest for the 7 years is (P * 5 * 2) / 100 + (P * 8 * 3) / 100 + (P * 10 * 2) / 100. Setting this equal to 4860 gives (10P + 24P + 20P) / 100 = 4860. This simplifies to 54P / 100 = 4860, so P equals Rs. 9,000.

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