Question

$14000$ is invested at $4\%$ per annum simple interest. How long will it take for the amount to reach $16240$?

Answer 1

According to the problem,

$P=14000$

$r=4\%$

$Amount\left(A\right)=16240$

$T=?$

So,

$SI=A-P$

$SI=16240-14000=2240$

$T=\frac{\left(100\times SI\right)}{\left(p\times r\right)}$

$T=\frac{\left(100\times 2240\right)}{\left(14000\times 4\right)}$

$T=\frac{224000}{56000}$

$T=4$

Therefore the required time will be $4$ years.