If the Simple Interest on a sum of ₹ 50,000 for a period of 1 year is ₹ 2000, find the rate of interest.
8%
Given, Principal = ₹ 50,000
Let the rate of interest be r
Time= 1 year
⇒ Simple Interest =P×R×T100
⇒2000=50000×r×1100
⇒r=2000×10050000×1
⇒r=4%