Rs. 800 amounts to Rs. 920 in 3 years at simple interest. If the interest rate i

Question

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 ?

Options:

A . Rs. 992

B . Rs. 1112

C . Rs. 1056

D . Rs. 1182

Answer: Option A
PRINCIPAL = 800 SI = 120 TIME = 3 YEAR
RATE = (100*120/800*3) = 5%
NEW RATE = 8 % PRINCIPAL = 800 TIME 3 YEAR
SI = (800*8*3/100) = 192
NEW AMOUNT = 800 + 192= 992

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