Question
The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
Answer: Option A
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Amount = Rs. (30000 + 4347) = Rs. 34347.
Let the time be n years.
Then , \(30000\left(1+\frac{7}{100}\right)^{n}= 34347\)
\(\Rightarrow\left(\frac{107}{100}\right)^{n}=\frac{34347}{30000}=\frac{11449}{10000}=\left(\frac{107}{100}\right)^{2}\)
So, n = 2 years.
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