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

Dear Student!

Let the time period be t years.

Here P = Rs 2400, r = 5 and S.I. = Rs 240

We know that the simple interest (S.I.) on the sum of money (P) at r % p.a. for t years is given by,

Thus, the required time period is 2 years.

Cheers!