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A Principal amounts to ₹ 944 in 3 yr and to ₹ 1040 in 5 yr, each sum being invested at the same simple interest. The principal was

Correct Answer: ₹ 800

Explanation:

By formula, P = (A2T1 - A1T2) / (T1 - T2)
Here, A1 = ₹ 944, T1 = 3
A2 = ₹ 1040, T2 = 5
∴ P = [(1040 x 3) - (944 x 5)] / (3 - 5)
= (3120 - 4720) / (-2)
= (-1600) / (-2)
= ₹ 800
∴ Principal = ₹ 800


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