Question

A deposited $18000 with a bank at 14% per annum rate of interest for 2 years. For how many years must deposit $12000 at 7% per annum rate of interest with another bank so that both of them get the same simple interest?​

Answer 1

Answer:

6 years

Step-by-step explanation:

SI in 1st case =

18000 × 14 × 2 / 100

5040

SI in 2nd case = 12000 × 7 × T / 100

5040 = 12000 × 7 × T / 100

504 / 84 = T

T = 6 years

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