what will be sum amount to in the same period? If

A sum of ₹ 800  amounts to ₹ 920 in 3 years at the simple interest rate. If the rate is increased by 3 % p.a., what will be sum amount to in the same period?

  1. ₹ 992
  2. ₹ 962
  3. ₹ 942
  4. ₹ 982
Manish Listener Asked on 9th July 2015 in Maths.
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1 Answer(s)

Answer: (1) Rs.920
Explanation:-
Principal = Rs.800,          Amount = Rs.920
Simple interest = 920 – 800 = Rs.120
Time = 3 years
Formula –
Simple interest = Principal x Rate x Time/100
Then, Rate = Simple interest x 100/Principal x Time
Rate = 120 x 100/800 x 3
Rate = 5%
According to question,
Rate increased by 3%
Then, Rate = 5 + 3 = 8%
Then, Simple interest = 800 x 8 x3/100
= Rs.192
Amount = 800 + 192 = Rs.992
Hence, the answer is (1) Rs.920

Anurag Mishra Professor Answered on 9th July 2015.
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