Answer :

According to the question,

Principal (P) = Rs 56,000

Time (T) = 2 years

S.I = Rs 280

We know that,

Simple interest (S.I) =

Therefore,

280 =

28000 = 56000 × R × 2

R =

=

= 0.25 %

Hence, 0.25 % gives Rs 280 as a interest on the given sum.

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