Question

what rate gives Rs 280 as intereston a sum of rupees 56000 in 2 years

Answer 1

●INTEREST = Interest is the price paid by a borrower for the use of a lender's money.

TYPE OF INTEREST----- there are 2 type of interest--
●Simple Interest
●Compound Interest

♥Simple Interest = Simple interest is the computed on the principal for the entire period of borrowing.
Formula -----
I = Pit
A = P + I
I = A - P

here
I = Amount of Interest
P = principal ( initial value of an investment)
A = Accumulated amount ( Final value of an investment)
i = Annual interest rate in decimal
t = time in years

♥Compound Interest = compound interest as the interest that accrues when earnings for each specified period of time added to the principal thus increasing the principal base on which subsequent interest is compound.

Formula -
A = p (1 + i)^n
where,
i = Annual rate of interest
n = Number of conversion period per year
INTEREST = An - P
or
= P ( 1 + i)^n - P

Let, move to ur Question -----

ɢɪᴠᴇɴ ----
ᴩ = 56,000
ʀ = ????
ɴ = 2 yᴇᴀʀꜱ

ꜱɪ =₹280

we know that ----

ꜱɪ = ᴩʀᴛ/100
280 = 56,000 × 2 × ʀ /100
280 × 100 / 56,000 ×2. = ʀ
28000 / 1,12,000 = ʀ
ʀ = 0.25 %