Question

A sum deposited for certain time deposit scheme amount to $1400 in 2 yrs and $2000 in 5 years. the rate of interest remains same on any sum deposited under this scheme and the interest calculated is simple interest. in how many years would the amount be $1440 had it been put at the same rate of interest compounded annually.​

Answer 1

Step-by-step explanation:

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Answer 2

Step-by-step explanation:

SIMPLE INTEREST FORMULA

Simple Interest Calculation

Last Updated 12th Jan 2021

Simple interest is the method of calculating interest charged on the amount invested in a fixed deposit.

Understanding the Simple Interest Formula is essential to know about the basics of Finances.

Simple Interest is calculated on the principal amount on a daily/monthly/annual basis.

Principal Amount remains constant during the entire tenure on Simple Interest.

The formula for calculating Simple Interest is P x r x t ÷ 100, where P=Principal Amount, Rate of Interest & T= Time.

With a Simple Interest Calculator, you can calculate the interest without any error by saving time and efforts.