The amount payable on maturity of a certain sum invested for 2 years at the rate of 15% p.a. interest compounded 8-monthly is Rs. 18,634. What is the simple interest on the same sum for the same period at 5% p.a.?
1
Rs. 1,300
2
Rs. 1,500
3
Rs. 1,200
4
Rs. 1,400