Find the principal that will gain Rs. 84 interest in 2 years at 4% per annum?

Rs. 505/-

Rs. 1050/-

Rs. 1000/-

None of these

To find the principal (P), use the formula:

Simple Interest (SI) = (P × Rate × Time) / 100

Rearrange the formula to solve for P:

P = (SI × 100) / (Rate × Time)

P = (84 × 100) / (4 × 2)

P = 1050