A person deposits Rs. 500 in 4 years and Rs. 600 for 3 years at the same rate of

Question

A person deposits Rs. 500 in 4 years and Rs. 600 for 3 years at the same rate of simple interest in a bank. Altogether he received Rs. 190 as interest. The rate of simple interest per annum was = ?

Options:

A . 4%

B . 5%

C . 2%

D . 3%

Answer: Option B

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