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Matt wants to earn an interest that is more than Rs. 4000 but less than Rs. 4200. For how many years should he invest in simple interest a sum of Rs. 17000 at a rate of 8.1% per annum?

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Matt wants to earn an interest that is more than Rs. 4000 but less than Rs. 4200. For how many years should he invest in simple interest a sum of Rs. 17000 at a rate of 8.1% per annum?


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Answered by on | Votes 0 |

We know, Simple Interest = (Principal Amount × Rate of Interest × Time Period)/100

Suppose he invested for T years.

⇒ 4000 < (17000 × 8.1 × T)/100 < 4200

⇒ 4000 < 1377T < 4200

⇒ 2.905 < T < 3.05

Only possible value of T is 3 years.

∴ Investment should be done for 3 years.

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