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 = $$800+\ \frac{\ 800\times\ 9.5\times\ 3}{100}\ =1028$$

Create a FREE account and get:

All Quant Formulas and shortcuts PDF
40+ previous papers with solutions PDF
Top 500 MBA exam Solved Questions for Free

CAT Quant Questions | CAT Quantitative Ability

CAT Remainders Questions CAT Time, Distance and Work Questions CAT Time Speed Distance Questions CAT Profit, Loss and Interest Questions CAT Venn Diagrams Questions

CAT DILR Questions | LRDI Questions For CAT

CAT Selection With Condition Questions CAT Miscellaneous LR Questions CAT Truth Lie Concept Questions CAT Data change over a period Questions CAT Scheduling Questions

CAT Verbal Ability Questions | VARC Questions For CAT

CAT Para Jumbles Questions CAT Odd One Out Questions CAT Vocabulary Questions CAT Para Summary Questions CAT Critical Reasoning Questions

Follow us on

Boost your Prep!

Download App