Find the principle on a certain sum of money at 5% per annum for 2 2/5 years if the amount being Rs.1680? Choose the correct choice from the following answers.
A) 1500 B) 2777 C) 2889 D) 27670 E) 2771

Rationale: "1680 = p [ 1 + ( 5 * 12 / 5 ) / 100 ] p = 1500 . answer : a"
Answer: A