Suresh for 2 years invested Rs. 500 in SBI. He also invested Rs. 300 in ICICI for 4 years. At the end he received Rs. 220 from both banks as simple interest. What must have been rate of interest?
A)10%
B)12%
C)11%
D)5.5%

Question

Quizplus · Accepted Answer

Let the rate of interest be r% per annum.Then, (500 * r * 2)/100 + (300 * r * 4)/100 = 220=> 10r + 12r = 22000=> 22r = 22000=> r = 1000**Therefore, the rate of interest is 10%.**

Suresh for 2 Years Invested Rs