Question

you have Rupees 24000 in your account at the interest rate in 5% of the how many years would you on rupees 240 as interest
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Answer 1

Answer:

0.2 years or 2.4 months or 2 months 13 days.

Explanation:

Given,

Principle, P = 24000

Interest, I = 240

Rate of interest, r = 5%

Time, n = ?

We know,

I = Pnr

or, n = I/Pr

or, n = 240/ (24000×5%)

or, n = 240/ 1200

or, n = 0.2 years.