Correct Answer - Option 4 : Rs. 1,403
Given:
Amount = Rs. 2188.68
Time period = 8 years
Rate of interest = 7%
Formula used:
SI = (P × R × T)/100
A = P + SI
Where,
SI = Simple interest
P = Sum of money invested
R = Rate of interest
T = Time period of investment
A = Amount
Calculations:
Let the sum invested by P
⇒ 2188.68 = P + [(P × R × T)/100]
⇒ 2188.68 = P + [(P × 7 × 8)/100]
⇒ 2188.68 = P + (56P/100)
⇒ 2188.68 = 156P/100
⇒ P/100 = 14.03
⇒ P = Rs. 1403
∴ The sum of money is Rs. 1403
