Question : The simple interest on a certain sum of money at the rate of 5% per annum for 8 years is Rs. 840. The rate of interest for which the same amount of interest can be received on the same sum after 5 years is:
Option 1: 7% per annum
Option 2: 8% per annum
Option 3: 9% per annum
Option 4: 10% per annum
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Correct Answer: 8% per annum
Solution :
Total interest received in 8 years at 5% per annum will be 40% of the principal.
Simple Interest (SI) = $\frac{(\text{Principal amount × Rate× Time})}{100}$.
With the same principal and interest but 5 years of time, the rate = $\frac{40}{5}$ = 8% per annum.
Hence, the correct answer is 8% per annum.
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