In how many years will a sum of Rs. 2000 invested at the rate of 6% per annum amount to Rs. 2240
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Step-by-step explanation:
principal P=Rs.2000
rate r= 6%
Amount A=2240
we know that simple interest S.I=Amount - principal = 2240-2000=240
we know that formula of S.I.=(P×r×t)/100
⇒240=(2000×6×t)/100 ⇒ 240=120t ⇒ t=2years
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