If the annual rate of simple interest increase from 11% to $$17\frac{1}{2}\% ,$$  then a person's yearly income increase by Rs. 1,071.20. The simple interest (in Rs.) on the same sum at 10% for 5 year is:

A. 16,480

B. 9,120

C. 7,250

D. 8,240

Answer: Option D

Solution(By Examveda Team)

$$\eqalign{ & 6\frac{1}{2}\% \to 1071.20 \cr & 1\% \to 164.80 \cr & 100\% \to 16480 \cr & {\text{SI}} = \frac{{16480 \times 5 \times 10}}{{100}} = 8240 \cr} $$