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?
Q1. 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?
Answer: Rs. 992
Explanation: Original rate = 120/(800×3)×100 = 5%; new rate = 8%; new interest = 800×8%×3 = 192; amount = 800+192 = Rs. 992.