Question

In what time will Rs 24000 amount to Rs 30000 at 10% p.a.?​

Answer 1

2.5 years

Explanation:

Given data

Principal= Rs 24000

Final amount A= Rs 30000

Rate r= 10%

The simple interest expression is

A=P(1+rt)

substitute

30000=24000(1+0.1*r)

30000=24000+2400t

30000-24000=2400t

6000=2400t

t= 6000/2400

t=2.5

Hence the time is 2.5 years