Question : The difference between simple interest on a certain sum at the annual rate of 8 percent for 5 years and 6 years is Rs. 26. What is the sum?
Option 1: Rs. 240
Option 2: Rs. 360
Option 3: Rs. 325
Option 4: Rs. 290
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Correct Answer: Rs. 325
Solution :
Let the principal amount be P.
The simple interest (SI) for 5 years can be calculated as:
SI = $\frac{(P \times 8 \times 5)}{100} = \frac{40P}{100} = 0.4P$
The simple interest for 6 years can be calculated as:
SI = $\frac{(P \times 8 \times 6)}{100} = \frac{48P}{100} = 0.48P$
According to the given information, the difference between the two interests is Rs. 26.
$0.48P - 0.4P = Rs. 26$
$⇒0.08P = 26$
$⇒P = \frac{26}{0.08}$
$⇒P = Rs. 325$
Therefore, the sum is Rs. 325.
Hence, the correct answer is Rs. 325.
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