Question

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

Answer 1

Given

Principal= Rs 2400

Interest Rate= 5%

Interest amount= Rs 240

To Find

Time in years.

Solution

Principal= Rs 2400

Interest Rate= 5%

Interest amount= Rs 240

Let the total time taken in years be t.

Interest =$\frac{Principal * Rate * Time}{100}$

         240   = $\frac{2400*5*t}{100}$

          t        =$\frac{240*100}{2400*5}$

          t        = 2 years

Therefore the total time taken 2 years.

Answer 2

Answer:

2 Years

Step-by-step explanation:

So as we know Interest =P×T×R ÷100

we have the Interest as 240 given to us, as well a principal and rate.we can use variables in our equation to make it simpler

240=2400×T×5 ÷100

240=12000 x T÷100 (We have multiplied 2400 with 5)

240=12000÷100 × T(we divided 12000 by 100)

240=120 × T

T=240÷120(isolating the variable)

T=2