Multiple choice

The rate of simple interest is 6% for the first 3 years, 7% for the next 4 years and 7.5% from 7 years onwards. A person invested Rs.56400 for 11 years. Find the simple interest?

  1. 35890

  2. 44360

  3. 36840

  4. 42864

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Calculate interest for each period separately. First 3 years at 6%: 56400×0.06×3 = Rs 10152. Next 4 years at 7%: 56400×0.07×4 = Rs 15792. Final 4 years at 7.5%: 56400×0.075×4 = Rs 16920. Total SI = 10152 + 15792 + 16920 = Rs 42864.