Question
'Iqbal' deposited Rs. 11,200 in a SIP at simple interest of 13% p.a. If he earned Rs. 8,736 as interest, then find the duration (in years) for which the money was invested by him.
Solution
ATQ, Let the duration for which the money was invested be ‘y’ years. Or, 8736 = {(11200 × 13 × y)/100} So, y = (8736/1456) = 6 Therefore, the money was invested for 6 years.
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