Question : Rs. 800 amounts to Rs. 920 in 3 years at simple interest. If the interest rate is increased by 3% it would amount to:
Option 1: Rs. 1056
Option 2: Rs. 1112
Option 3: Rs. 1182
Option 4: Rs. 992
Correct Answer: Rs. 992
Solution :
Given: Principal = Rs. 800
Simple Interest = Rs. 120
Time period = 3 years
Rate of interest be $R$ = 3% for extra interest
Use the formula below.
Simple Interest = $\frac{\text{Principle×Rate×Time}}{100}$
= $\frac{800×3×3}{100}$
= Rs. 72
So, the total amount received = 720 + 72 = Rs. 992
Hence, the correct answer is Rs. 992.
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