What sum (in ₹) will earn a simple interest of ₹240

Given: SI = 240, r = 12%, t = 4 years
SI formula: SI = $ \frac{P \times r \times t}{100} $
240 = $ \frac{P \times 12 \times 4}{100} $
240 = $ \frac{48P}{100} $
P = $ \frac{240 \times 100}{48} $
P = 500
Principal = ₹500