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
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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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