If the simple interest on a certain sum of money for 3 years at 6% per annum is ₹360, what would be the simple interest on the same sum for 5 years at 8% per annum?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. ₹800.
SI = (P × 6 × 3)/100 = 360
⇒ 18P/100 = 360
⇒ P/100 = 20
⇒ P = 2000
New SI = (2000 × 8 × 5)/100 = 800