A person deposited ₹500 for 4 years and ₹600

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

1. 4%
2. 5%
3. 2%
4. 3%

Correct Option: B

Let 'r' be the rate of interest .
As we know that ,

SI =	P × R × T
	100

According to question ,

190 =	500 × 4 × r	+	600 × 3 × r
	100		100

⇒ 20r + 18r = 190
⇒ 38r = 190
⇒ r = 190 ÷ 38 = 5%