If interest on a savings account is paid monthly at an annual rate of 614percent and if the interestis not reinvested, then in how many years will the total amount of interest earned equal the amount of money saved in the account?

If interest on a savings account is paid monthly at an annual rate of 614percent and if the interestis not reinvested, then in how many years will the total amount of interest earned equal the amount of money saved in the account? Correct Answer 16

Here, Interest = Principal We know, Interest = (prinicpal×time×rate)p/100 Interest = (interest × time ×61/4o/100 time = 100×4/25 Time = 16 years
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