1.

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

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)


Discussion

No Comment Found