UP TGT Mathematics Commercial mathematics Test Series - Part 2
A person lends 40% of his sum at 15% p.a., 50% of the rest at 10% p.a. and the rest at 18% p.a. simple interest. What is...
Type: MCQ • Marks: 1
A person lends 40% of his sum at 15% p.a., 50% of the rest at 10% p.a. and the rest at 18% p.a. simple interest. What is the effective annual rate of interest on the total sum?
Options
A. 1) 13.4%
B. 2) 14.2%
C. 3) 15.0%
D. 4) 14.4%
Explanation
Let total sum = Rs. 100.
Part 1 = Rs. 40 at 15% => Interest = 6.
Remaining = 60. Part 2 = 50% of 60 = Rs. 30 at 10% => Interest = 3.
Part 3 = Remaining Rs. 30 at 18% => Interest = 5.4.
Total Interest = 6 + 3 + 5.4 = Rs. 14.4.
Effective rate = 14.4% p.a.
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