The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
Question:
The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
[A].
2
3
4
The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
[A].
[B].
| 2 | 1 |
| 2 |
[C].
[D].
Answer: Option A
Explanation:
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.
