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What rate gives Rs 280 as interest on a ...

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

Text Solution

Verified by Experts

Let us use the formula for simple interest.
So, Simple Interest = [Principal × Rate × Time] / 100
Here Simple interest ,
Time and Principal is given as Rs. `280`, 2 years and Rs. `56000` respectively.
On substituting the above values we get,
...
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NCERT-COMPARING QUANTITIES-SOLVED EXAMPLES
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