Question

You have Rs 2300 in your account and the interest rate is 5 %. After how many
years would you carn Rs 240 as interest?​

Answer 1

Given:

• Principal (p) = Rs 2300
• Rate (r) = 5%
• Interest = ₹ 240

To Find

• How much time taken to complete such interest?

Solution:

Let the time taken be x

$\circ \: \: \: {\boxed{\tt{ Interest_{(Simple)} = \dfrac{ Principal_{(P)} \times Rate_{(r)} \times Time_{(t)} }{100} }}}$

After substituting values,

$\colon\leadsto{\tt{ Interest_{(Simple)} = \dfrac{ 2300 \times 5 \times x }{100} }} \\ \\ \\ \colon\leadsto{\tt{ 240 = \dfrac{23 \cancel{00} \times 5 \times x }{1 \cancel{00} } }} \\ \\ \\ \colon\leadsto{\tt{ 240 = 23 \times 5 \times x }} \\ \\ \\ \colon\leadsto{\tt{ \dfrac{ \cancel{240} }{23 \times \cancel{5} } = x }} \\ \\ \\ \colon\leadsto{\tt{ x = \cancel{ \dfrac{48}{23} } }} \\ \\ \\ \colon\leadsto{\tt\pink{ x = 2.06 \ Years }}$

Hence,

• The Time taken in this transaction is 2.06 Years .