QA – Placement Quizzes | Simple Interest | Question 2
James deposits a sum of Rs 800 that will amount to Rs 920 in 3 years. However, the bank decides to increase the interest rate by 4%. What amount will he receive now?
James gets simple interest (SI) = Rs 920-800 = Rs 120.
Here, Principal (P) = Rs 800 and Time (T) = 3 years.
We know, Rate (R) = (100×SI)/(P×T) = (100×120)/(800×3) = 5%.
Given, New Rate = 9%. So, New Interest = P×R×T = 800×0.09×3 = Rs 216.
Therefore, James will get Rs (800+216) = Rs 1016.
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