Question

6. What rate gives Rs 280 as interest on a sum of Rs 56000 in 2 years


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Answer 1

Explanation:

rate = interest x 100 / principal x time

= 280 x 100 / 56000 x 2

= 1 / 4

= 0.25 %

Answer 2

Answer:

We know,

principal=Amount-Interest

principal=56000-280

principal=55720

now to find rate,

Rate=S.I*100/p*t

=280*100/55720*2

=28000/111440

=0.2512562814

=0.25