Mr. Khalid invested 200000 at 12% simple interest and 189744 at 14% simple interest the two amounts for left to grow such that the total amount becomes equal

Answer 1

To solve this problem, we need to set up an equation and solve for the time it takes for the two amounts to become equal.

Let's assume the time in years required for the two amounts to become equal is "t".

For the first investment:
Amount = Principal + Interest
= $200000 + (12/100 * $200000 * t)
= $200000 + $24000t

For the second investment:
Amount = Principal + Interest
= $189744 + (14/100 * $189744 * t)
= $189744 + $26564.16t

Since the total amount becomes equal:
$200000 + $24000t = $189744 + $26564.16t

Simplifying the equation:
$200000 - $189744 = $26564.16t - $24000t
$10256 = $2564.16t

Dividing both sides by $2564.16:
t = $10256 / $2564.16
t = 4

Therefore, it will take 4 years for the two amounts to become equal.