Akhil borrowed a certain sum of money at the rate of 6%, 9% and 14% for a period of first two years, next three years and beyond the period of five years respectively. If at the end of nine years, he paid Rs. 8550 as interest, then find the sum of money he had borrowed.
Pick
A) Rs. 9,000 B) Rs.14,000 C) Rs.15,000 D) Rs.18,000 E) None of these
Explanation:   Let Rs.P be the money borrowed by Akhil.   I) R = 6%, T = 2 years   Simple Interest of 2 years = PRT/100   = P * 6 * 2/100 = 12P/100   II) R = 9%, T = 3 years   Simple Interest of 3 years = P * 9 * 3/100 = 27P/100   III) R = 14%, T = 4 years   Simple Interest of 3 years= P * 14 * 4/100 = 56P/100   Therefore, total Simple Interest of 9 years   = 12P/100 + 27P/100 + 56P/100   = 95P/100   The total interest paid after nine years = Rs.8550   95P/100 = 8550   Therefore, 95P = 855,000   P = 855,000/95 = Rs. 9,000   Amount of money borrowed by Akhil = Rs. 9,000   Rs. 9,000NSWER Rs. 9,000
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Akhil borrowed a certain sum of money at the rate of 6%, 9% and 14% for a period of first two years, next three years and beyond the period of five years respectively. If at the end of nine years, he paid Rs. 8550 as interest, then find the sum of money he had borrowed.