Question : Simple interest on a sum for eight months at the rate of 8 percent per annum is Rs. 240. What is the value of the sum?
Option 1: Rs. 7500
Option 2: Rs. 6000
Option 3: Rs. 7200
Option 4: Rs. 4500
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Correct Answer: Rs. 4500
Solution : According to the question Simple interest = $\frac{P × R × T}{100}$ ⇒ 240 = $\frac{P × 8 × \frac{8}{12}}{100}$ ⇒ 240 = $\frac{P × \frac{64}{12}}{100}$ ⇒ 240 = $\frac{P×\frac{16}{3}}{100}$ ⇒ P = $\frac{24000×3}{16}$ = 4500 Hence, the correct answer is Rs. 4500.
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