Vineetha invests ₹12,000 on simple interest at the rate of 9% p.a. to obtain a total amount of ₹18,480 after a certain period. For how many years did she invest to obtain the above amount?

Explanation

Given: Sum = Rs. 12000 Rate = 9% Concept used: S.I = (P × T × R)/100 Amount = S.I + P Here, P = Sum T = Time R = Rate Calculation: Let the time be T Now, S.I = 18480 - 12000 ⇒ 6480 So, 6480 = (12000 × T × 9)/100 ⇒ 1080T = 6480 ⇒ T = 6480/1080 ⇒T=6 ∴ Required time is 6 years.