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.

Well & Simple explanations needed
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Answer 1

Given: Principal P$=2400$Rs.

Rate$=5$%per annum, N = time in year.

We have to find N.

For this, we are using the formula of simple interest.

=> $\text { Simple Interest SI }=\frac{\text { PNR }}{100}$

We have,

Principal P$=2400$Rs.

Rate$=5$%per annum, N = time in a year.

Now,

$=>\text { Simple Interest SI }=\frac{\text { PNR }}{100}\\\\=>240=\frac{(2400 \times 5 \times N)}{100}\\\\\Rightarrow \mathrm{N}=\frac{240 \times 100}{2400 \times 5}\\\\=>\mathrm{N}=2 \text { years }$

Hence, after $2$years I will earn Rs.$240$

Answer 2

Given that,

Principle(P) = Rs.2400

Rate = 5% p.a

Interest = Rs.240

To find:-

Time = ?

Let 'T' be time.

Simple Interest = PRT/100

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

$240 \times 100 = 2400 \times 5 \times T$

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

$T = \frac{240}{24 \times 5}$

$T = \frac{10}{5}$

$T = 2 \: years$

Therefore, After 2 years we would earn Rs.240 as interest.