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  • You have Rs 2,400 in your account and the interest rate is 5%. After how many years would you earn Rs 240 as interest.

You have Rs 2,400 in your account and the interest rate is 5%. After how many years would you earn Rs 240 as interest.
 

Answers (1)

best_answer

Given that,
Principal = 2,400
Rate= 5% p.a
T = ?
Interest = Rs 240

Therefore, 
Interest = \frac{P\times R\times T}{100}
Substituting the values in the above formula, we get
240= \frac{2,400\times 7\times T}{100}
T = \frac{10}{5} = 2\ year

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manish

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