Question

Calculate the rate of interest if p=2400 rate is 5% and the interest is 420

Answer 1

given principle ,p=2400
Rate=5%
Interest=420
now,$I= \frac{P *R*T }{100}$
$\frac{I*100}{P*R} =T$
T=3.5 years

Answer 2

P=2400
R=5%
I=420
t=?
t=100×S.I÷P×R
t=100×420÷2400×5
=84÷24
=3·416
i think the answer should be 3·416.