SSC CPO SI and ASI 2014 Paper

Question : 120 of 200

Marks: +1, -0

Rs. 800 amounts to Rs. 920 in 3 years at simple interest. If the interest rate is increased by 3%, it would amount to

Solution:

(4) Simple interest = 920 – 800 = Rs. 120. So,

S I= {P × r \× t}/{100}

⇒ r= {120× 100}/{800 × 3}=5 \%

New rate = 5 + 3 = 8% p.a.
So, interest will be

{800×8 × 3}/{100}=Rs.192

Hence, the new amount = 800 + 192 = Rs. 992

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