A sum becomes 8/7 times itself in 1 year. Find the approximate rate of simple interest.
Response
14.28%
14.14%
12.75%
11.83%
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Let P = Rs x Then A = Rs 8x/7
Therefore S.I = A - P = 8x/7 - x = Rs x/7
T = 1 year R = ?
We have S.I = PRT/100
x/7 = (x × R × 1) /100
R = 100/7 = 14.28 % Ans
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