A certain amount P is invested in scheme A for \(1\frac{1}{8}\) years at a simple interest of 16% per annum and the same amount P is invested in scheme B for the same time and the same rate of interest compounded annually. If the difference in the interest earned is ₹64, then find the value of P.
1
₹10,000
2
₹20,000
3
₹30,000
4
More than one of the above
5
None of the above