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Question
What rate gives ₹ 280 as interest on a sum of ₹ 56,000 in 2 years?
Solution
Principal = ₹ 56,000, Simple interest = 280, Time = 2 years
Simple interest = `("Principal" xx "Rate" xx "Time")/100`
280 = `(5000 xx "Rate" xx 2)/100`
Rate = `280/(560 xx 2)`
= `1/4`
= 0.25
Therefore, 0.25% gives ₹ 280 as interest on the given sum.
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