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 = ?

Answer: Option B

Let rate of interest = R%
According to the question,
\begin{aligned} & \frac{{500 \times 4 \times {\text{R}}}}{{100}} + \frac{{600 \times 3 \times {\text{R}}}}{{100}} = 190 \\ & \Rightarrow 20{\text{R + 18R = 190}} \\ & \Rightarrow 38{\text{R = 190}} \\ & \Rightarrow {\text{R = 5% }} \\\end{aligned}
Hence required rate % = 5%

Alternate
Note : In such type of questions to save your valuable time follow the given below method.
Let rate of interest = 1%
$$\begin{array}{rl}& \text{Case (I): Interest (}{\text{I}}_1\text{)}\\ & \text{ = }\frac{500\times 4\times 1}{100}\\ & =20\\ & \text{Case (II): Interest (}{\text{I}}_2\text{)}\\ & \text{ = }\frac{\text{600}\times 3\times 1}{100}\\ & =18\end{array}$$
According to the question,

Interest	Rate %
38	1
↓×5	↓×5
190	5%

Hence required rate % = 5%