Question

. Rs. 800 amount to Rs. 920 in 3 years at simple interest. If the interest rate is increased by 3%, it would amount to​

Answer 1

Given that :

Principal = 800 Rs.

Simple Interest = 920 - 800 = 120 Rs.

Time = 3 Years, and Rate of interest = r%

Simple Interest = (P×R×T)/100

=> 120 = (800×r×3)/100

=> r = 120/24 = 5%

If it increased by 3%

Then it will be = 5 × 103/100 = 103/20

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Now, Simple Interest = (800×103×3)/100×20

=> S. I. = 123.6 Rs.

Now, Amount = Principal + Interest

=> Amount = 800 + 123.6

=> Amount = 923.6 Rs. ✔

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Hope it helps ☺

Fóllòw Më ❤