A sum of Rs 800 amounts to Rs 950 in 3 years at simpleinterest. Find the amount received if the rate of interest is increased by 3 %.Rs 1102Rs 1022Rs1087Rs 1032

To solve this problem, we first need to find the original rate of interest.

Step 1: Use the formula for simple interest which is I = PRT/100, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time in years.

In this case, the interest (I) is Rs 950 - Rs 800 = Rs 150, the principal (P) is Rs 800, and the time (T) is 3 years.

Step 2: Substitute these values into the formula and solve for R.

150 = 800R3/100

This simplifies to R = 150100/(8003) = 6.25%.

So, the original rate of interest is 6.25%.

Step 3: If the rate of interest is increased by 3%, the new rate of interest is 6.25% + 3% = 9.25%.

Step 4: Now, we need to find the amount received with the new rate of interest.

We use the formula for the amount received in simple interest, which is A = P + I, where A is the amount received, P is the principal, and I is the interest.

Step 5: First, we need to find the new interest with the increased rate.

We use the formula for simple interest: I = PRT/100.

Substitute the values: I = 8009.253/100 = Rs 222.

Step 6: Now, find the amount received: A = P + I = Rs 800 + Rs 222 = Rs 1022.

So, the amount received if the rate of interest is increased by 3% is Rs 1022.