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A retailer deposited some amount in the bank. The rate of interest for first 3 years is 6% per annum for the next 3 years rate of interest is 9% per annum and for the period beyond 6 years rate of interest is 10% per annum. At the end of 9 years the retailer receives Rs. 1650 as simple interest. How much amount (in Rs) did he deposited?

A retailer deposited some amount in the bank. The rate of interest for first 3 years is 6% per annum for the next 3 years rate of interest is 9% per annum and for the period beyond 6 years rate of interest is 10% per annum. At the end of 9 years the retailer receives Rs. 1650 as simple interest. How much amount (in Rs) did he deposited? Correct Answer 2200

Given,

Interest rate for first 3 years = 6%

Interest rate for next 3 years = 9%

Interest rate for last 3 years = 10%

Simple interest for 9 years = 1650

Formula:

SI = Prt / 100

Calculation:

According to the question

1650 = (P × 3 × 6) / 100 + (P × 3 × 9) / 100 + (P × 3 × 10) / 100

⇒ 1650 = 18P / 100 + 27P / 100 + 30P / 100

⇒ 1650 = 75P / 100

⇒ P = 1650 × 100 / 75

⇒ P = 2200

∴The sum was Rs. 2200.

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