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If you have \(Rs. \ 2400\) in your account and the interest rate is \(5\% \) per annum, after how many years would you earn \(Rs. \ 240\) as interest?
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Question

If you have \(Rs. \ 2400\) in your account and the interest rate is \(5\% \) per annum, after how many years would you earn \(Rs. \ 240\) as interest?

Answer

2 years
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Solution

 Principal,P \(=Rs. \ 2400\)
Rate,R \(=5\% \) p.a.
Simple interest ,\(S.I.=Rs. \ 240\)
We know that \(S.I. =\frac{PRT}{100}\),
Time,T \(=\frac{S\ldotp I\ldotp }{P\times R}\times 100\) 
\(=\frac {240\times 100}{2400\times 5}\) years 
\( = 2\) years 
Hence, in \(2 \) years we will earn Rs 240 as interest.
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