Two long, frictionless, parallel conducting rails are 0.40 m apart and lie in a uniform magnetic field of 0.60 T directed vertically downward. A conducting rod of negligible resistance slides on the rails with a steady speed of 2.5 m s−1. The total resistance of the closed circuit (rails, rod and external resistor) is 0.50 Ω. Calculate the magnitude of the induced current in the circuit.