Given Principal P = Rs 48,000
Time n = 2 years 3 months
= 2 + \(\frac{3}{12}\) years
= 2 + \(\frac{1}{4}\) years
= (\(\frac{8}{4}\) + \(\frac{1}{4}\)) years
= \(\frac{9}{4}\) years
Amount A = Rs 55,660
A = p + 1
55660 = 48000 + I
I = 55660 – 48000
= Rs 7660
∴ Interest for \(\frac{9}{4}\) years = Rs 7660
Simple interest = \(\frac{pnr}{100}\)
7660 = 48000 x \(\frac{9}{4}\) x \(\frac{r}{100}\)
r = \(\frac{7660\times4\times100}{9\times48000}\)
= 7.09 %
= 7 %
Rate of interest = 7 % Per annum.