Question

What rate gives Rs 420 as interest on sum of Rs 56,000 in 3 years?

Please tell me fast. ​

Answer 1

Answer:

We have,

 P=Rs.56000,

 T=2years,

 SI=Rs.280

 We know that,

SI=100P×R×T

280=10056000×R×2

 R=2×560280

 R=0.25%

 Hence, the value of the rate is 0.25%.