Explanation:

- You need to find the rate of interest per year using simple interest formula.

- Simple Interest (SI) formula: SI = P × R × T / 100, where P is the principal, R is the rate, and T is the time period.

- Given: Principal (P) = Rs. 48,000, Total Amount = Rs. 55,560, Time (T) = 2 years and 3 months = 9/4 years.

- First, calculate the Simple Interest: SI = Total Amount - Principal = Rs. 55,560 - Rs. 48,000 = Rs. 7,560.

- Now, plug these values into the SI formula to solve for R:

- SI = P × R × T / 100 ? Rs. 7,560 = Rs. 48,000 × R × 9/4 / 100

- Solving for R gives R = 7% per annum.

- Option 1: 7% is the correct answer.

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