Question

The simple interest on a certain sum of money at the rate of 5% p.a for 8 years is Rs. 840 At what rate of interest the same amount of interest can be received same sum after 5 years?

• A. 6%
• B. 8%
• C. 9%
• D. 10%

Answer 1

Answer: (B)

8%

$P=\frac{S.I.\times 100}{R\times T}$

$P=\frac{840\times 100}{5\times 8}$

$P=2100$

Required Rate$=\frac{840\times 100}{5\times 2100}$

$R=8\%$

Hence,

option $\left(B\right)$ is correct answer.