Question

You have 2400 in your account and the interest rate is 5%p.a. After how many years would you earn 240 as interest?
Pls explain

Answer 1

240=2400×5×y/100

240×100/2400×5×y=2

years is 2

Answer 2

Here ,Principal =2400,Rate =5% Time =? and SI=240

T=SI×100/P×R
=(240×100/2400×5) years
=2 years