The compound interest

Question

The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is

Options:

A . 2

B . 2Â½

C . 3

D . 4

Answer: Option A

Amount=Rs(30000+4347)
=Rs.34347.
Let the time be n years.
Then,30000(1+7/100)^n
=34347.
=34347/3000
=11449/1000
=(107/100)^n
n=2years.

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