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What is the rate of interest which yields an interest of \(Rs.\ 280\) on a sum of \(Rs.\ 56000\) for \(2\) years?
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Question

What is the rate of interest which yields an interest of \(Rs.\ 280\) on a sum of \(Rs.\ 56000\) for \(2\) years?

Answer

Principal, \(P=Rs.\ 56000\), time, \(t=2\) years, \(SI =Rs. \ 280\).
Simple interest is given by \(SI=\frac{P \times r \times t\ }{100}\)
Hence, \(r=\frac{100\times SI}{Pt}\)
Substitute the values.
\(r=\frac{100\times 280}{56000\times 2}=\frac{1}{4}\)
Hence, rate is \(\frac{1}{4}\%\) per annum.
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