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At simple interest Rs. 800 becomes Rs. 920 in 3 years. If rate of interest is increased numerically by 3% then the total amount will become–
- a)Rs. 972
- b)Rs. 982
- c)Rs. 992
- d)None of these
Correct answer is option 'C'. Can you explain this answer?
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At simple interest Rs. 800 becomes Rs. 920 in 3 years. If rate of inte...
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At simple interest Rs. 800 becomes Rs. 920 in 3 years. If rate of inte...
To solve this problem, we need to find the rate of interest first.
We know that the interest earned is Rs. 920 - Rs. 800 = Rs. 120.
Using the formula for simple interest, we can calculate the rate of interest as follows:
Interest = Principal * Rate * Time
120 = 800 * Rate * 3
Rate = 120 / (800 * 3) = 0.05 = 5%
Now, if the rate of interest is increased by 3%, the new rate would be 5% + 3% = 8%.
To find the new total amount, we can use the formula:
Total Amount = Principal + Interest
Total Amount = 800 + (800 * 8% * 3) = 800 + (800 * 0.08 * 3) = 800 + 192 = Rs. 992.
Therefore, the total amount will become Rs. 992.
We know that the interest earned is Rs. 920 - Rs. 800 = Rs. 120.
Using the formula for simple interest, we can calculate the rate of interest as follows:
Interest = Principal * Rate * Time
120 = 800 * Rate * 3
Rate = 120 / (800 * 3) = 0.05 = 5%
Now, if the rate of interest is increased by 3%, the new rate would be 5% + 3% = 8%.
To find the new total amount, we can use the formula:
Total Amount = Principal + Interest
Total Amount = 800 + (800 * 8% * 3) = 800 + (800 * 0.08 * 3) = 800 + 192 = Rs. 992.
Therefore, the total amount will become Rs. 992.
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At simple interest Rs. 800 becomes Rs. 920 in 3 years. If rate of interest is increased numerically by 3% then the total amount will become–a)Rs. 972b)Rs. 982c)Rs. 992d)None of theseCorrect answer is option 'C'. Can you explain this answer?
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