A sum of money amounts to Rs.8400 after 5 years and Rs.9840 after 8 years at the same rate of simple interest. The rate of interest per annum is

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16%

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12%

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Solution

The correct option is D
8%

Interest amount for 3 years = 9840 - 8400 = Rs. 1440
So, interest amount for a single year = $(\frac{1440}{3})$ = Rs. 480
Interest amount for 5 years = 480 $\times$ 5 = Rs. 2400
So, the initial amount is 8400 - 2400 = Rs. 6000
Rate of interest $= \frac{(i n t e r e s t a m o u n t f o r a s i n g l e y e a r)}{(i n i t i a l a m o u n t)} \times 100 = \frac{480}{6000} \times 100 = 8 %$

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