Question

A sum of rs 800 amounts to rs 920 in 3 years at simple interest . If interest rate is increased by 3% it would amoung to how much

Answer 1

Correct Answer:

A) Rs.992

Description for Correct answer:

Amount Rs.920, Principal Rs.800, Interest Rs.120, N = 3 years.

R=100IPN=100×120800×3= 5%

New rate of percentage of interest = 5 + 3 = 8%

I=800×3×8100=192

Amount = 800 + 192 = Rs.992.

Answer 2

Answer:992 = amount

920-800=120=SI

SI=PNR/100

120=800×3×R/100

120×100/800×3=R

5=R

Adding 3%,SI=PNR/100

SI=800×3×8/100

SI=192

Amount=SI+P

Amount=800+192

Amount=992

Hope I helped!