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Answer :

Time = 1 yr + 3 months


3months


yr


In mathematical language, the problem is



So, the interest of Rs. 100 in 1 yr is Rs.


The interest of Rs. 1 in 1 yr is Rs.


The interest of Rs. 960 in 1 yr is Rs.



= Rs. 80


The interest rate of Rs. 960 in yr is



= Rs. 100


Amount (Principal along with interest)


= Interest + Principal


= 100 + 960 = Rs. 1060


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