Discussion
A person lent a certain sum of money at 4% per annum at simple interest and in 8 years the interest amounted to Rs.340 less than the sum lent. What was the sum lent?
Answer: D
\[ \text{SI} = \frac{P \times R \times T}{100} \]
The interest falls Rs. 340 short of the principal.
\[ \frac{P \times 4 \times 8}{100} = P - 340 \]
\[ 0.32P = P - 340 \quad\Longrightarrow\quad 0.68P = 340 \]
\[ P = \text{Rs. } 500 \]
Checking: the interest is Rs. 160, which is indeed Rs. 340 less than Rs. 500.
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