When difference between compound and simple interest for three years is Rs. 183 at 5% interest per annum, the principal is Rs. ______________

Correct option is C

Given:
Difference between compound interest and simple interest for 3 years = ₹183
Rate of interest per annum = 5%
Time period = 3 years
Formula Used:

Difference between CI and SI for 3 years = $$P × (\frac{R}{100})^2 × \frac{(300 + R)}{100}$$​​

Solution:

$$183= P × (\frac{5}{100})^2 × (\frac{305}{100}) \\\ \\183= P × \frac{25}{10000} × (\frac{305}{100}) \\\ \\P= \text{Rs. 24000}$$