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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 Rs 800/- become in 3 years ?

A) Rs.1020.80/-
B) Rs.1,025/-
C) Rs.1,052/-
D) Rs.1,050/-
E) Rs.1,500/-

Correct Answer:



C) Rs.1,052/-

Description for Correct answer:
Simple interest of 3 years = 956 - 800 = Rs. 156/-

Simple interest = \( \Large \frac{Principal x Rate x Time}{100} \)

156 = \( \Large \frac{800 x Rate x 3}{100} \)

Rate = \( \Large \frac{156 x 100}{800 x 3} \) = 6.5 %

New rate = 6.5 + 4 = 10.5%

Again simple interest = \( \Large \frac{800 x 10.5 x 3}{100} \) = Rs. 252/-

Amount after 3 years = 800 + 252

= Rs. 1052/-

Part of solved SBI JuniorAssociate-4 questions and answers : Exams >> Bank Exams >> SBI JuniorAssociate-4

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