Rate of interest is 8% per annum for the first 3 years, 10% per annum for the next 4 years and 15% per annum for the remaining years. Find the time for which the sum is invested on simple interest if cumulative rate of interest is 124%.?

10 years
12 years
9 years
11 years

LohaHridoy

5 views

2025-01-04 04:42

1 Answers

AhmedNazir

Option 4 : 11 years

GIVEN:

Rate of interest is 8% per annum for the first 3 years, 10% per annum for the next 4 years and 15% per annum for the remaining years.

CONCEPT:

Simple interest concept.

Cumulative rate if the rate of interest is ‘R₁’ for ‘T₁’ years and ‘R₂’ for ‘T₂’ years = R₁T₁ + R₂T₂

FORMULA USED:

SI = PRT/100

Where P = Principal, R = rate of interest, T = Time

CALCULATION:

Suppose rate was 15% per annum for ‘t’ years.

So,

Cumulative rate = 8 × 3 + 10 × 4 + 15 × t = 124%

15t = 60

⇒ t = 4

Hence,

Time for which the sum is invested = 3 + 4 + 4 = 11 years

∴ The time for which the sum is invested on simple interest is 11 years.

5 views Answered 2022-09-04 04:29

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