Question

You have Rs.2,400 in your account and the interest rate is 5%. After how many years would you earn Rs.240 as interest.

Answer 1

Answer:

In 2 years.

Step-by-step explanation:

Given:

Principle(P)$=2400$Rs.

Rate(R)$=5$%

Time(T)=?

Simple Interest(S.I)$=240$Rs.

Hence using formula of simple interest:

$S.I=\dfrac{P\times R\times T}{100}$

$240=\dfrac{2400\times 5\times T}{100}$

$T=\dfrac{24000}{2400\times 5}$

$=2$ Years.

In 2 years I would get Rs. 240 as interest.

Answer 2

Answer:

2Years

Step-by-step explanation:

principal=Rs 2400

rate=5%pa

interest =Rs 240

time =(240×100/2400×5)year

=2years