NIFT UG 2014 Question Paper with solutions

Question : 88 of 150

Marks: +1, -0

A sum of ₹800 amounts to ₹920 in 3 years at simple interest. If the interest rate is increased by 3%, how much would it amount to?

Solution:

A = ₹ 920
P = ₹ 800
S.I.

=920–800=₹120

r={SI×100}/{p×t}

={120×100}/{800×3}=5%

5%+3%=8%

S.I.={800×8×3}/100=₹192

A=P+SI=800+192

=₹992

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