Please solve this question with explanation
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This is a question about simple interest.
Step-by-step explanation:
SI = P * R * T / 100, where P is principal, R is rate and T is time in years, and SI is simple interest.
Here, the principal (800 Rs.), time in years (3 years), and the simple interest (956 - 800 = 156 Rs.) is given.
SI = P * R * T / 100
= 156 = 800 * R * 3 / 100
= 156 = 8 * R * 3
= 156 = 24 * R
= 156 / 24 = R
= R = 6.5%
If Rate is increased by 4%,:
SI = P * R * T / 100
= SI = 800 * 10.5 * 3 / 100
= SI = 8 * 10.5 * 3
= SI = 252 (And the amount is 800 + 252 = 1052)
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