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. 

    Practice Next

    Relevant for Exams: