UPSC Exam  >  UPSC Questions  >  Varun deposited a sum of Rs. 12000 in a bank ... Start Learning for Free
Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.
A 20%
в 12.50%
c 10%
D 36%?
Most Upvoted Answer
Varun deposited a sum of Rs. 12000 in a bank paying simple interest. A...
Given:
Principal amount (P) = Rs. 12000
Amount withdrawn after 1 year = Rs. 3000
Amount received after 3 years = Rs. 15000

Calculating Interest:
Let the rate of interest be 'r' per annum.
Interest after 1 year = P*r*1 = 12000*r
Remaining amount after withdrawal = 12000 - 3000 = Rs. 9000
Amount after 3 years = 9000 + Interest for 2 more years = 9000 + (9000*r*2) = 9000 + 18000r

Using the given information:
9000 + 18000r = 15000
18000r = 6000
r = 6000/18000
r = 1/3 = 0.3333

Converting rate to percentage:
Rate of interest = 0.3333 * 100 = 33.33%
Therefore, the rate of interest is 33.33%, which is closest to option D - 36%.
Explore Courses for UPSC exam

Top Courses for UPSC

Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.A 20%в 12.50%c 10%D 36%?
Question Description
Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.A 20%в 12.50%c 10%D 36%? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.A 20%в 12.50%c 10%D 36%? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.A 20%в 12.50%c 10%D 36%?.
Solutions for Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.A 20%в 12.50%c 10%D 36%? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.A 20%в 12.50%c 10%D 36%? defined & explained in the simplest way possible. Besides giving the explanation of Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.A 20%в 12.50%c 10%D 36%?, a detailed solution for Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.A 20%в 12.50%c 10%D 36%? has been provided alongside types of Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.A 20%в 12.50%c 10%D 36%? theory, EduRev gives you an ample number of questions to practice Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.A 20%в 12.50%c 10%D 36%? tests, examples and also practice UPSC tests.
Explore Courses for UPSC exam

Top Courses for UPSC

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev