Question

You have $Rs,2,400$ in your account and the interest rate is $5$. After how many years would you earn $Rs240$ as interest.

Answer 1

Given, Principal $P=Rs.2400$
Rate, $R=5\%$ per annum
Simple interest $S.I=Rs.240$
Let time be $T$ years.

As we know that, simple Interest $SI=\frac{PNR}{100}$

Substitute given values,

$\Rightarrow 240=\frac{(2400\times 5\times T)}{100}$

$\Rightarrow T=\frac{240\times 100}{2400\times 5}$

$\therefore T=2$ years