Question

A man deposited Rs. 300 for two years, Rs. 600 for 4 years, and Rs. 1200 for 6 years. He received Rs. 102 as interest. What is the rate of interest per annum?

• A. \(10\%\)
• B. \(15\%\)
• C. \(20\%\)
• D. \(25\%\)

Answer 1

The Correct Option is A

1. Calculate weighted interest:

• Multiply each deposit by its time period:\(3002 + 6004 + 1200\times6 = 10200\)
• Divide this by 100:\(\frac{10200}{100}= 102\);
• This directly gives the total interest earned if the rate was\(1\%.\)

2. Find the rate:

• Since the actual interest is Rs. 102, the rate is simply\(\frac{102}{102}= 1\), which is 10%.

The correct answer is (A): \(10\%\)