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
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)10. What sum will amount to Rs.7000 in 5 years at $3\frac{1}{3}$% simple interest