Question

You have rupee2,400 in your account and the interest rate is 5percent . After how many years would you earn rupees 240 as interest

Answer 1

let time be x years.

As you know, S.I=p*r*t/100.

240=2400*5*x/100

or, 24000=12000x

or,x=24000/12000

or,x=2

in 2 years you will year 240 as interest