The turns ratio determines the voltage on the secondary. In this scenario, there will be a 3 to 1 reduction and your secondary voltage will be 40V, or one-third of the applied 120V.
You may calculate the same result using volts per turn as well. You get 0.4 volts per turn by dividing 120V by the primary's 300 turns. These figures apply to transformers that are perfect. Hysteresis and eddy current losses in the core, as well as losses in the transformer caused by joule heating of the coils, will all occur in the actual world.
The secondary voltage is derived by multiplying the voltage by the proportion of main to secondary turns (20/100=0.2) and 230v*0.2=46v.
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