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SSC CGL 2023 PYQ — Question 61

SSC CGL - 17 July 2023 - Shift 1 • Quantitative Aptitude • Q61

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A person deposited ₹500 for 3 years, ₹650 for 5 years, and ₹1,250 for 7 years. He received a total simple interest of ₹1,620. The rate of interest per annum is:

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Correct answer: A

Explanation

The correct answer is option 1 i.e. 12%.

A person deposited ₹500 for 3 years, ₹650 for 5 years, and ₹1,250 for 7 years.

The total simple interest = ₹1,620

P = Principal, r = rate of interest, n = time

Simple interest = (P × r × n)/100

⇒ 1620 = 500×r×3100\frac{500×r×3}{100} + 650×r×5100\frac{650×r×5}{100} + 1250×r×7100\frac{1250×r×7}{100}

⇒ 1620 = 15r + 32.5r + 87.5r

⇒ 1620 = 135r

⇒ r = 1620/135 = 12%