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1. You have 2.400 in your account and the interest rate is 5%. After how many years
would you earn240 as interest.
2. On a certain sum the interest paid after 3 years is 3 450 at 5% rate of interest per
annum. Find the sum.
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Step-by-step explanation:
Given,
Principal P=2400Rs
Rate =5% per annum
N= time in year
Simple Interest SI=
100
PNR
According to the given condition,
240=
100
(2400×5×N)
⇒N=
2400×5
240×100
on Solving,
N=2 years
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