Multiple choice

A man deposited a certain sum in a bank. He gets 5% per annum interest for the first year, 4% for the next 2 years and 3% for the next 3 years. If he gets Rs. 1760 as simple interest for 6 years, then how much money did he deposit in the bank?

  1. Rs. 8000

  2. Rs. 6000

  3. Rs. 4000

  4. Rs. 5000

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

Let P be the principal. Interest = P * (rate * time) / 100. Interest = P * [(5*1) + (4*2) + (3*3)] / 100 = P * (5 + 8 + 9) / 100 = 22P / 100. 1760 = 0.22P. P = 1760 / 0.22 = 8000.

AI explanation

Using the formula for simple interest, the interest earned equals the principal multiplied by the respective rates and times, all divided by 100. The total interest for the 6 years is calculated as Principal multiplied by ((5 multiplied by 1) + (4 multiplied by 2) + (3 multiplied by 3)), all divided by 100. This gives 1760 = Principal multiplied by (5 + 8 + 9) divided by 100, meaning 1760 = Principal multiplied by 22 divided by 100. Solving for the principal gives Principal = (1760 multiplied by 100) divided by 22, which equals 8000 rupees.

Keep practicing — related questions