Find the rate of interest if the simple interest on a principal of $\text{Rs. }1,000$ gave an interest of $\text{Rs. }440$ in a span of $5$ years.

We know the formula for simple interest:
$$\text{SI}=\frac{P\times R\times T}{100}$$

Given:

* Principal ($P$) $=\text{Rs. }1,000$
* Simple Interest ($\text{SI}$) $=\text{Rs. }440$
* Time ($T$) $=5\text{ years}$

Substitute the values into the formula to find the Rate ($R$):

$$440=\frac{1000\times R\times 5}{100}$$

$$440=10\times R\times 5$$

$$440=50R$$

$$R=\frac{440}{50}=8.8\%$$