Question : A sum of Rs. 800 becomes Rs. 956 in 3 years at a certain rate of simple interest. If the rate of interest is increased by 4%, what amount will the same sum become in 3 years?
Option 1: Rs. 1025
Option 2: Rs. 1042
Option 3: Rs. 1052
Option 4: Rs. 1024
Correct Answer: Rs. 1052
Solution :
Given: Principal = Rs. 800, Amount = Rs. 956, and Time = 3 years
Rate of interest, $R$ = 4% for extra interest
Use the formula below.
Extra Simple Interest = $\frac{\text{Principle×Rate×Time}}{100}$
= $\frac{800×3×4}{100}$
= Rs. 96
So, the total amount received = 956 + 96 = Rs. 1052
Hence, the correct answer is Rs. 1052.
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