The money invested by Gopal at simple interest amounts to ₹16,150 in 3 years and to ₹16,540 in 4 years. What was the principal amount invested by him?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. ₹14,980.
SI for 1 year = 16540 - 16150 = 390
SI for 3 years = 3 × 390 = 1170
Amount = SI + P
⇒ 16150 = 1170 + P
⇒ P = 16150 - 1170
⇒ P = 14980