Question

What is the rate of interest which gives an interest of Rs. 2,800 on a sum of Rs. 56,000 for 2/1 years?
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2

Answer 1

Answer:

2%

Step-by-step explanation:

Given, SI = 2800, P = 56000, Time = 2 1/2 years = 5/2 years, Rate = x%

We know that SI = PTR/100

2800 = 56000 * 5 * x/100 * 2

2800 = (280000 * x)/200

560000 = 280000 * x

x = 560000/280000

x = 2.

Therefore, Rate of interest = 2%.

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