According to a new plan rolled out by HISP Bank, the rate of simple interest on a sum of money is 8% p.a. for the first two years, 10% p.a. for the next three years and 6% p.a. for the period beyond the first five years. Simple interest accrued on a sum for a period of eight years is Rs. 12,800. Find the sum.

Rs. 24, 000

Rs. 16, 000

Rs. 15, 000

Rs. 13,500

None of these

Answer : Option E

Explanation :

Let the sum be ’x’ Rs.

$frac{{x imes 8 imes 2}}{{100}} + frac{{x imes 10 imes 3}}{{100}} + frac{{x imes 6 imes 3}}{{100}} = 12800$

$frac{{64x}}{{100}} = 12800$

Sum = $12800 imes frac{{100}}{{64}} = 20000$ Rs.

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