Question

Arun deposited Rs.24000 in his account. Rate of interest is 5%. After how many years will he earn Rs. 2400 as interest​

Answer 1

P = 24000 rs

R = 5 %

T = x (let)

SI = 2400

We know that,

SI = P * R * T / 100

2400 = 24000 * 5 * x / 100

x = 2

Therefore T = 2 years.

Answer 2

I = Rs.2400
P = Rs.24000
R = 5%
T = ?


I = PRT÷100
or, 2400 = 24000×5×T÷100
or, 24000×5×T = 2400×100
or, T = 2400×100÷24000×5
= 2 yrs Ans.