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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 %)?
- A\(18\frac{3}{{24}}\)
- B\(13\frac{1}{{23}}\)
- C\(26\frac{2}{{23}}\)
- D30
Answer not set
Discussion 1
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CCommunity
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)
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)