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? Choose the correct choice from the following choices.
A) 228  B) 278  C) 289  D) 500  E) 821

Rationale: "p - 340 = ( p * 4 * 8 ) / 100 p = 500 answer : d"
Answer: D