Question : In 5 years, the simple interest on an amount of Rs. $\mathrm{X}$ is $\frac{2}{5}$th of the principal. The rate of interest per annum is:
Option 1: 12%
Option 2: 8%
Option 3: 10%
Option 4: 5%
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Correct Answer: 8%
Solution :
Here, Principal = $X$
Time = 5 years
Simple interest = $\frac{2X}{5}$
We know,
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ $\frac{2X}{5}=\frac{X× \text{Rate}×5}{100}$
⇒ Rate = 8%
Hence, the correct answer is 8%.
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