rupees 800 amounts to rupees 1040 in three years at simple interest, If it amounts to rupees 1088 then the interest rate is increased by?
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Answer:
S.I = Rs. (1020 – 800) = Rs. 220; P = Rs. 800, T = 3 yrs
R = ( 100 X 220 )% / 800 X 3 = = 5%
New rate = (5 + 3) % = 8%
New S.I. = Rs. (800 X 8 X 3)/ 100== Rs. 288
New amount = Rs. (800 + ) = Rs. 288
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