₹800 becomes ₹956 in 3 years at a certain rate of simple interest. If the rate of interest is increased by 4%, what will ₹800 amount to in 3 years:
Answer & explanation
Correct answer: option 3
P = 800
R= R
T = 3
A = 956
SI = 956-800 = 156 = P*R*T/100
800*R*3/100 = 156
R = 156/(8*3) = 52/8 = 13/2 = 6.5
R' = 6.5+4 = 10.5
SI' = 800*10.5*3/100 = 8*10.5*3 = 252
A' = 1052
The correct answer is Option (3) → ₹1,052