Question

in how many years will the sum of 2400 and simple interest of Rs 240 at rate of 5% per annum

Answer 1

Given - Principal, simple interest and time period

Find - Time period

Solution - The given interest will be earned in 2 years.

The formula for given variables is -

Simple interest = Principal*rate of interest*time/100

Keeping the values in the formula to the time period.

Time period = 240*100/(2400*5)

Performing multiplication and division to find the time period.

Time period = 2 years

Thus, given interest will be earned in time period of 2 years.