A sum of ` 800 amounts to ` 920 in 3 years at simple interest. If the interest rate is increased by 3%, it would amount to how much ?
Answer
Answer (as printed):
Explanation
S.I. $=₹(920-800)=₹120$; P = ₹800, T = 3 years. ∴ $R=\left(\frac{100 \times 120}{800 \times 3}\right)\%=5\%$. New rate $=(5+3)\%=8\%$. New S.I. $=₹\left(\frac{800 \times 8 \times 3}{100}\right)=₹192$. ∴ New amount $=₹(800+192)=₹992$.
Explanation as extracted from the printed page; notation may be imperfect.