Question

you have Rs. 2400 in your account and the rate of interest is 5%, after how many years would you earn Rs. 240 as interest

Answer 1

Answer:

2 YEARS

Step-by-step explanation:

Principal=rs.2400

Rate of interest=5%

Time=t

SI=240

SI=P*R*T /100

240=2400×5×T/100

240=120 T

T=240/120

T=2 YEARS

Answer 2

Answer:

2 Years

Step-by-step explanation:

Principal = Rs. 2400

Interest = Rs. 240

Rate of interest = 5%

Let time be T

Time = T

=> Formula of Time => T = S.I x 100

                                             P x R

Put the values, we get => T = 240 x 100                      

                                                 2400 x 5

Once simplified, we get => 1 / 2 = 0.50 = 120

=> On deviding, 240/120 we get T

Therefore, Time = 2 Years.

Hope my answer helps :D