Answer:
Principal = Rs 56,000 Time = 2 years Interest = Rs 280p.a. Let rate of interest be x \[\therefore \] \[R=\frac{100\times I}{P\times T}\] \[x=\frac{100\times 280}{56000\times 2}\] \[x=\frac{1}{4}\] x = 0.25% Hence, rate of interest for 2 years = 0.25%
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