What Amount will the Same Sum Becomes in 3 Years?

A sum of ₹ 800 becomes ₹ 956 in 3 years at a certain rate of simple interest. If the rate of interest is increased by 4%, what amount will the same sum becomes in 3 years?

  1. ₹ 1052
  2. ₹ 1042
  3. ₹ 1024
  4. ₹ 1025
Anurag Mishra Professor Asked on 7th October 2015 in Maths.
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1 Answer(s)

Answer: (1) Rs. 1052

Explanation:-
A sum of ₹ 800 becomes ₹ 956 in 3 years at a certain rate of simple interest,
Then, the simple interest of three years = 956 – 800
= Rs.156
Formula-
Simple Interest = Principal x Time x Rate /100

Then, 156 = 800 x 3 x Rate/100
Rate = 156/3 x 8
Rate = 156/24
= 6.5%

If rate of interest is increased by 4%,
Then, the rate of interest = 6.5 + 4 = 10.5%

Now, Simple interest = 800 x 10.5 x 3/100
= 24 x 10.5
= Rs. 252

Then, the amount will be in 3 years = 800 + 252
= Rs. 1052

Hence, the answer is (1) Rs. 1052.

Anurag Mishra Professor Answered on 7th October 2015.
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