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

Question

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

Options:

A . 2

B . 2 1 2

C . 3

D . 4

Answer: Option A

Amount = Rs. (30000 + 4347) = Rs. 34347.

Let the time be n years.

Then, 30000

1 +
7

n
= 34347
100

107

n
=
34347
=
11449
=

107

2
100
30000
10000
100

n = 2 years.

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