First person does the work in 8 days
∴ part of work done in one day by first person = 1/8
First person does the work in 12 days
∴ part of work done in one day by second person = 1/12
First person does the work in 16 days
∴ part of work done in one day by third person = 1/16
part of work done in one day by all three persons together $(= \;\frac{1}{8} + \frac{1}{{12}} + \frac{1}{{16}} = \frac{{6 + 4 + 3}}{{48}} = \frac{{13}}{{48}})$
Let the number of days needed by the fourth person to finish the work alone be x,
So the part of work done by fourth person in one day = 1/x
When all four of them work together, they finish the work in 3 days.
∴ part of work done by all four of them together = 1/3
$(\begin{array}{l} \Rightarrow \;\frac{{13}}{{48}} + \frac{1}{x} = \frac{1}{3}\\ \Rightarrow \frac{1}{x} = \frac{1}{3} - \frac{{13}}{{48}}\\ \Rightarrow \;\frac{1}{x}\; = \;\frac{{16 - 13}}{{48}}\; = \;\frac{3}{{48}}\; = \;\frac{1}{{16}} \end{array})$
∴ fourth person will finish the project in 16 days
Now, comparing efficiencies of all the four persons to finish the project = $(\frac{1}{8}:\frac{1}{{12}}:\frac{1}{{16}}:\frac{1}{{16}} = 6\;:4\;:3\;:3)$
Thus, amount that fourth person will get $(= \frac{3}{{6 + 4 + 3 + 3}} \times 1600 = \;\frac{3}{{16}} \times 1600 = Rs.\;300)$