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.
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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