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Question 17
At a simple interest, 800 becomes 956 in three years. If the interest rate, is increased by 3%, how much would 800 become in three years?
Solution
Let the current interest be r%
$$800+\ \frac{\ 800\times\ r\times\ 3}{100}\ =\ 956$$
r = 6.5%
Updated rate of interest = 3+6.5 = 9.5%
Sum after 3 years = $$800+\ \frac{\ 800\times\ 9.5\times\ 3}{100}\ =1028$$
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