Discussion
Suresh for 2 years invested Rs. 500 in SBI. He also invested Rs. 300 in ICICI for 4 years. At the end he received Rs. 220 from both banks as simple interest. What must have been rate of interest?
Answer: A
\[ \text{SI} = \frac{P \times R \times T}{100} \]
The two deposits share one rate \( r \), so add their interests.
\[ \frac{500 \times r \times 2}{100} + \frac{300 \times r \times 4}{100} = 220 \]
\[ 10r + 12r = 220 \quad\Longrightarrow\quad 22r = 220 \]
\[ r = 10\% \]
Checking: Rs. 100 from SBI and Rs. 120 from ICICI.
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