Question : The simple interest received on a sum at the rate of 8 percent per annum is $\frac{2}{5}$ of the sum. What is the period?
Option 1: 6 years
Option 2: 5 years
Option 3: 4 years
Option 4: 7.5 years
Correct Answer: 5 years
Solution :
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
Let the principal be $P$.
Simple Interest = $\frac{2}{5}×P$
Also, let the rate be $R$.
According to the question,
⇒ $\frac{2}{5}×P = \frac {P×R×T}{100}$
⇒ $\frac{2}{5} = \frac {8×T}{100}$
$\therefore T = 5$
Hence, the correct answer is 5 years.
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