Question

A sum of Rs. 800 amounts to Rs. 920 in 3 years at simple interest. if the interest rate is increased by 3%, it would amount to how much ?

Answer 1

Given Principal = 800, T = 3 years, SI = 920.

SI for 3 years = 920 - 800 = 120

We know that SI = PTR/100

   R = 100 * SI/PT

       = 100 * 120/800 * 3

       = 5%.


New Rate = 5 + 3 = 8%, P = 800, T = 3.

SI = PTR/100

    = 800 * 3 * 8/100

    = 192.


Therefore the new amount = 800 + 192

                                               = 992.


Hope this helps!

Answer 2

The amount is Rs. 992.

Here, according to the given information, we are given that,

A sum of Rs. 800 amounts to Rs. 920 in 3 years at simple interest.

Here, the principal amount or the sum of money is given as Rs. 800. We are also given that the amount in 3 years is Rs. 920.

The time period is given as 3 years.

Now, in order to find the simple interest, we need to subtract the principal amount of money from the amount in 3 years. then, we get,

Simple interest = 920 - 800 = Rs. 120

Now, we know that,

$Simple Interest = \frac{PRT}{100}$,

Where P is the principal, R is the rate of interest and T is the time period.

Now, putting the values in the above formula, we get,

$120 = \frac{800.R.3}{100}$

Then, R = 5%

Now, if the interest rate is increased by 3%, the new rate of interest is (3 + 5)% = 8%

Then, the simple interest is,

$Simple Interest = \frac{PRT}{100}$

Or, Simple Interest = $\frac{800.8.3}{100}$

Or, Simple interest = Rs. 192

Then, amount = 192 + 800 = Rs. 992.

Hence, the amount is Rs. 992.

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