question_answer 1)

What rate gives ` 280 as interest on a sum of ` 56,000 in 2 years?

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.