If the simple interest on a certain sum of money at the rate of \(6\frac{2 }{3}\)% p.a. for 4 years is Rs. 4400 less than its principal, then the principal is:
Answer & explanation
Correct answer: option 2
\(\frac{P\;×\;20\;×\;4}{3\;×\;100}\) = P - 4400
⇒ \(\frac{11P}{15}\) = 4400
⇒ P = 6000