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    • Question

      A person 'P' invested Rs. 7,400 in a SIP at an annual simple interest rate of 14%. If the total interest earned by him amounts to Rs. 6,216, determine the number of years for which the investment was made.

      A 6 yrs Correct Answer Incorrect Answer
      B 12 yrs Correct Answer Incorrect Answer
      C 8 yrs Correct Answer Incorrect Answer
      D 10 yrs Correct Answer Incorrect Answer

      Solution

      ATQ,

      Let the duration for which the money was invested be ‘y’ years. Or, 6216 = {(7400 × 14 × y)/100} So, y = (6216/1036) = 6 Therefore, the money was invested for 6 years. 

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