Question

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Answer 1

Answer: Rs 1000 or 1000 rupees

Step-by-step explanation:

We can see in the question that 16% of a sum of money is the interest for 3 years and since it is not states whether it is simple or compound interest, it can be taken as simple interest.

Now, since it is simple, the interest will grow on the initial amount. So, we can say that at the end, Rs 480 was 16x3=48% of the sum. If we use unitary method, then the sum can be found easily.

Therefore, 48% = Rs 480

--------------->1%=Rs 480/48

---------------> 100%= Rs 480/48 x 100 = 10 x 100 = 1000 rupees!

Hope this helps!!