Question

b) If Rs 14,000 is invested at 4% per annum simple interest, how long will it take for the
amount to reach Rs. 16.240 ?
​

Answer 1

Answer:

According to the problem,

P=14000

r=4%

Amount(A)=16240

T=?

So,

SI=A−P

SI=16240−14000=2240

T=100×SI/ P×r

T=1oo×2240 /14000×4

T=224000/56000

T=4

Therefore the required time will be 4 years

Step-by-step explanation:

Answer 2

Answer:

4 years

Step-by-step explanation:

Principal amount (P)= 14000

rate of interest(r)=4%

let the number of years be t

interest needed(I)= 16240-14000=2240

I=Prt

=>2240=14000x0.04xt

=>t=4