Question

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

Answer 1

Answer:

2 years

Step-by-step explanation:

Principal=2400

Amount= 2400+240=2640

T=?

Simple interest=P×R×T/100

240=2400×5×t/100

240×100=2400×5×t

24000/2400×5=t

2=t

So, time is 2 years