Question : Ramesh borrowed a sum at 5% per annum simple interest from Rahul. He returns the amount after 5 years. Rahul returns 2% of the total amount received. How much did Ramesh borrow if he received Rs. 5?
Option 1: Rs. 250
Option 2: Rs. 200
Option 3: Rs. 150
Option 4: Rs. 175
Correct Answer: Rs. 200
Solution : Given: Rate of interest = 5% Time period = 5 years Let the Principal be $P$. Substituting the given values, we get: Simple Interest = $\frac{P×5×5}{100}$ Simple Interest = $\frac{P}{4}$ Amount = $P+\frac{P}{4}=\frac{5P}{4}$ According to the given condition, $\frac{5P}{4}×\frac{2}{100}=5$ ⇒ $\frac{P}{40}=5$ ⇒ $P=200$ Hence, the correct answer is Rs. 200.
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