Simple interest on Rs. 500 for 4 years at 6.25% per annum is equal to the simple interest on Rs. 400 at 5% per annum for a certain period of time. The period of time is = ?

A. 4 years

B. 5 years

C. $$6\frac{1}{4}$$ years

D. $$8\frac{2}{3}$$ years

Answer: Option C

Solution(By Examveda Team)

$$\eqalign{ & {\text{Let the required time = t years }} \cr & {\text{According to the question,}} \cr & \Leftrightarrow \frac{{500 \times 4 \times 6.25}}{{100}} = \frac{{400 \times 5 \times {\text{t}}}}{{100}} \cr & \Leftrightarrow 5 \times 4 \times 625 = 400 \times 5 \times {\text{t}} \cr & \Leftrightarrow {\text{t = }}\frac{{625}}{{100}} = \frac{{25}}{4} \cr & \Leftrightarrow {\text{t}} = 6\frac{1}{4}{\text{years}} \cr} $$