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(1 + 7/100)^n = 34347`
`hArr (107/100)^n = 34347/30000`
`hArr (107/100)^n = 11449/10000`
`hArr (107/100)^n = (107/100)^2`
`:.` n = 2 years.
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