A man invested Rs.1000 on a simple interest at a certain rate and Rs.1500 at 2% higher rate. The total interest in three years is Rs.390. What is the rate of interest for Rs.1000?
A. 4%
B. 5%
C. 6%
Answer: Option A
Solution(By Examveda Team)
Interest for a year = 390/3 = 130Let interest rate is x
As per given problem
1000*X/100 + 1500*(x+2)/100 = 130
10X + 15X + 30 = 130
25X = 100
X = 4
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