In a bank '800 amounts to '1,040 in three years at simple interest. If the interest rate is increased by 2% per annum, then amount will be
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Rs. 1, 040
Given: Principal=Rs.800,Amount=Rs.920,T=3years
Simple interest =920−800=120
∴ Rate % =
800×3
120×100
=5%
If rate % is increased by 5%, i.e., if rate % = 10%, then
SI=
100
800×3×10
=240
∴Amount=Rs.800+Rs.240=Rs.1,040
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2
Answer:
Amout = 1040, Principal=800, Time=3 years
Simple interest= amount - principal
=1040 -800 = 240
Simple interest = P×R×T/100
240. = 800 ×R×3/100
R= 240×100/ 800×3
R=10% p.a.
new R. = 10+2=12%
new si =800×12×3/100
=288
new amount=800+288
=1088
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