Joseph's deposit of ₹5,000 grows to ₹6,600 at 8% per annum simple interest. For how many years was the money deposited?

Explanation

1. 01

   Interest = ₹6,600 − ₹5,000 = ₹1,600.

2. 02

   Interest for one year = 8% of ₹5,000 = ₹400.

3. 03

   Time = $\frac{1600}{400} = 4$ years.