A person invested ₹20,000 at a rate of 4.5% on simple interest for three years. Had the person invested ₹16,000 on compound interest at a rate of 5% for 2 years, the difference in the interests would have been:
1
₹1,200
2
₹1,060
3
₹800
4
₹1,000
5
None of the above / More than one of the above