The money was invested for 9.5 years.
<h3>What is Interest?</h3>
Interest is the amount of money earned or the amount of money that has to be paid when a certain amount of money is invested or a certain amount of money is borrowed.
The money invested is $1400.
The money received after a certain period of time is $1700
The rate of interest is 2.25%.
The time period has to be determined.
The formula that has to be used to determine the time period is as follows:
A = P [ 1 + RT/100]
1700 = 1400 [ 1 + (2.25 * T/100) ]
1700 = 1400 + ( 1400 * 2.25 * T) / 100
300 = 1400 * 2.25 *T / 100
30000 = 1400 * 2.25 * T
T = 30000 / ( 1400 *2.25)
T = 30000 * 100 / (1400 * 225)
T = 200/21
T = 9.5 years.
So, the time period of the investment is 9.5 years.
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