2 years
Step-by-step explanation:
Given
Principle = Rs. 2000
Rate of Interest = 10%
Amount = Rs. 2420
Formula used = P(1+R/100)^T
=> 2420 = 2000 ( 1+10/100)^T
- by taking LCM of underlined equation.
=> 2420 = 2000 (10+1/10)^T
=> 2420 = 2000 (11/10)^T
=> 2420/2000 = (11/10)^T
=> 121/100 = (11/10)^T
=> 11/10 = (11/10)^T
=> 2 years.
