Answer: 2 years
Step-by-step explanation:
If Interest= Principal x rate x time/100; then time is (100 × Interest)/(Principal × Rate)
From the question, old Principal is 5600, new principal =6720, the difference is the interest accrued.
Interest = 6720 - 5600 = Rs 1120
Rate = 8% = 8 ÷ 100 = 0.08
Time = x
Then, slot the values into the formula
Time= 100 x 1120 / 6720 x 8
= 112000/53760
=2.08
Time= 2years
I hope this helps
