Question

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

According to question, Simple interest is same in both condition P 8 5100 P 5 R100 40100 R20 R 8 Rate of interest is 8

A 7%

B 8%

C 9%

D 10%

Detailed Solution