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

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