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      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
      A 7% Correct Answer Incorrect Answer
      B 8% Correct Answer Incorrect Answer
      C 9% Correct Answer Incorrect Answer
      D 10% Correct Answer Incorrect Answer

      Solution

      According to question,  Simple interest is same in both condition  ⇒ P × 8 × 5/100 = P × 5 × R/100 ⇒ 40/100 = R/20 ⇒ R = 8%  ∴ Rate of interest is 8%

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