Question

u have $2400 in your account and the interest rate is 5% after how many years would u earn $240 as interest

Answer 1

hye

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sum = 2400


interst rate = 5%

simple interst = 240

since amount = p +s.i

=>2400 +240

=>2640 $

=>lets reacll a property for finding time

=>time = 100 *s.i / p *r

            = 100 * 240 / 2400 * 5

            = 24000/12000

               = 2 years


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hope it helps u....

Answer 2

Simple Intersest= (prt)/100
240= (2400*5*t)/100
240= 12000t/100
240= 120t
t= 240/120= 2 years
Time= 2 years
HOPE THAT HELPS