**Solution:**

To convert the decimal number 0.232323... into a fraction, we can use the concept of repeating decimals.

Let's represent the repeating decimal 0.232323... as x.

Step 1: Multiply x by 100 to shift the decimal point two places to the right:
100x = 23.232323...

Step 2: Subtract x from 100x to eliminate the repeating part:
100x - x = 23.232323... - 0.232323...
99x = 23

Step 3: Divide both sides of the equation by 99 to solve for x:
x = 23/99

Therefore, the fraction equivalent of the decimal 0.232323... is 23/99.

**Explanation:**

- The given decimal number 0.232323... has a repeating pattern of 23.
- To convert it into a fraction, we can use the fact that the repeating part of the decimal can be represented as a fraction with the repeating digits as the numerator and the appropriate number of nines as the denominator.
- In this case, since the repeating pattern is 23, we can represent it as 23/99.
- This is because the repeating part has two digits, so we use two nines in the denominator.
- By multiplying both the numerator and denominator by 100, we can shift the decimal point two places to the right, resulting in 23.232323... as shown in step 1.
- Subtracting the original decimal x from 100x eliminates the repeating part, leaving us with a non-repeating decimal 23. This is shown in step 2.
- Solving for x by dividing both sides of the equation by 99 gives us x = 23/99, which is the fraction equivalent of the given decimal.
- Therefore, the correct answer is option C) 23/99.