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If a certain sum of money doubles itself in 7 years 8 months at simple interest, then what will be the yearly rate of interest (in %)?1). \(18\frac{3}{{24}}\)2). \(13\frac{1}{{23}}\)3). \(26\frac{2}{{23}}\)4). 30 |
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Answer» <P>Let the principal = P Then, Amount = 2P We know that, A = P + [P × R × $(7\frac{2}{3})$] /100 ⇒ 2P = P + [P × R × $(7\frac{2}{3})$] /100 ⇒ P = [P × R × $(7\frac{2}{3})$] /100 ⇒ 100 = R × $(7\frac{2}{3})$ ⇒ 100/ (23/3) = R ⇒ R = $(13\frac{1}{{23}})$ ∴ the CORRECT option is 2) |
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