Answer:
P = ` 56,000 I = ` 280 T = 2 years Let the rate of interest is R% per annum. \[\text{I = }\frac{\text{PRT}}{\text{100}}\] \[\Rightarrow \] \[280=\frac{56,000\times R\times 2}{100}\] \[\Rightarrow \] \[R=\frac{280\times 100}{56000\times 2}=\frac{1}{4}=0.25%\] Hence, the rate of interest is 0.25 per cent per annum.
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