• question_answer 23) What rate gives  280 as interest on a sum of  56,000 in 2 years?

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.