Question

Ankita has Rs. 4800 in her account and the interest rate is 5%. after how many years would Ankita earn Rs. 480 as interest?​

Answer 1

Answer:

It will yake her 2 years to earn rs 480 as interest

Answer 2

Solution!!

The concept of simple interest has to be used here. The principal, rate of interest and simple interest is given in the question. We have to find the time.

Principal (P) = Rs 4800

Interest = Rs 480

Rate of interest (R) = 5%

Time (T) = ?

We will use the interest formula to find the time.

Interest = (P × R × T)/100

480 = (4800 × 5 × T)/100

480 = 48 × 5 × T

480 = 240 × T

T = 480 ÷ 240

T = 2

Hence, the time is 2 years.

The questioner may ask you to find the amount also. So, here's how you can find it.

Amount = Principal + Interest