If the annual rate of simple interest increase from 11% to 17 %, a person's yearly income increase by Rs1,071.20. The principal amount invested ( in Rs) is :
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 16,480
The difference in the rate of interest = % - 11% = 6.5%
Difference in income = Rs. 1071.20
So,
6.5% = 1071.20
100% = 100 × (1071.20/6.5)
= Rs. 16480