A sum of Rs. 800 amounts to Rs. 1,040 in 3 years at simple interest. If the interest rate is increased by 3%, find the amount.

Correct option is C

Amount = Rs. 1040

Principal = Rs. 800

Simple Interest = 1040- 800 = 240

Simple Interest= $$\frac{Principal×Time×Rate}{100}$$​​

240 = $$\frac{800×3×Rate}{100}$$​

Rate = 10%

New Rate = 3% +10% = 13%

New SI = $$\frac{800×13×3}{100} = 312$$​​

New Amount = 800+ 312 = 1112