At a certain rate of simple interest Rs. 1600 amounted to Rs. 2080 in 5 years. If the rate of interest is decreased by 3%, what will be the amount after 5 years?

Rs. 1840

S.I. in 5 years = ₨.2080 - ₨.1600

                      = ₨.480

S.I. in 1 year = \(\frac{480}{5}\)

                     = ₨.96

rate of interest = \(\frac{96}{1600}\) x 100

                      = 6 %

new rate of interest = 6 - 3 = 3%

Amount @3% = 1600 + \(\frac{1600X3X5}{100}\)

                      = 1600 + 240

                      = ₨., 1840