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The simple interest on a certain sum of money at the rate of 5% per annum for 8 years is Rs. 840. Rate of interest for which the same amount of interest can be received on the same sum after 5 years is :
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- 7% per annum
- 8% per annum
- 9% per annum
- 10% per annum
- 7% per annum
Correct Option: B
Case I,
| Principal = | |
| Time × Rate |
| = | = Rs. 2100 | |
| 8 × 5 |
Case II,
S.I. = Rs. 840 , Principal = Rs. 2100 , Time = 5 years
We know that ,
| Rate = | |
| Principal × Time |
| Rate = | = 8% per annum | |
| 2100 × 5 |
