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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