Question
A sum of Rs. 800 amounts to Rs. 920 in 3 years at simple interest. If the interest rate is increased by 3%, it would amount to how much?
Answer: Option B
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S.I = Rs. (920 – 800) = Rs. 120; P = Rs. 800, T = 3 yrs
R = ( 100 X 120 )% = 5%
800 X 3
New rate = (5 + 3) % = 8%
New S.I. = Rs. (800 X 8 X 3) == Rs. 192.
100
New amount = Rs. (800 + 192) = Rs. 992
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