A sum of 700 amounts to 820 in 3 yr at simple interest. If the interest rate is increased by 3%, it would amount to how much?
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Answer:
Rs.883
Step-by-step explanation:
First we will find the rate of interest:-
Principal:- Rs700
Time = 3yr
Interest = Amount-Principal
= 820-700
= Rs.120
Rate= Interest×100/Principal×Time
Rate= 120×100/700×3
Rate=40/7%
Amount for the 2nd case:-
Amount=Principal+Interest
Principal=Rs.700
Interest=?
Interest=Principal×Rate×Time/100
Rate=40/7%
Time=3years
Interest=700×40×3/100×7
=61×3
=Rs.183
Amount=Principal+Interest
=700+183
=Rs.883
Amount=883
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