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₹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 ₹800 become in 3 years ?
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- ₹1020.80
- ₹1025
- ₹1052
- ₹1050
- ₹1020.80
Correct Option: C
We know that ,
S.I. = Amount - Principle = 956 – 800 = Rs. 156
| ∴ Rate = | |
| Principal × Time |
| R = | = 6.5% per annum | |
| 800 × 3 |
∴ New rate = 6.5 + 4 = 10.5%
| ∴ SI = | |
| 100 |
| SI = | = ₹ 252 | |
| 100 |
∴ Amount = Principle + SI = 800 + 252 = ₹ 1052