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The difference between the amounts invested at 12% p.a. for 3 years and 8 years on simple interest is ₹2880. Find the principal amount (in ₹).

1. 4000
2. 4800
3. 6000
4. 3600

Correct answer: 4800

Solution

In simple interest, the difference in interest for 8 years and 3 years is interest for 5 years. So, 2880 = P d7 12 d7 5 / 100. Solving gives P = 4800.

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