At the rate of 8% the amount invested earns simple interest of ₹240 after 3 years. If the rate of interest had been 5% more, then how much more interest would it have earned?

₹150

We know  ,

Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)

240 = \(\frac{Principal × 8 × 3 }{100}\)

Principal = 1000

Rate is increased by 5%

New Rate = 8% + 5% = 13%

Simple Interest = \(\frac{1000 × 13 × 3 }{100}\)

= Rs.390

More interest earned than before = 390 - 240 = Rs. 150