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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