The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period(in years) is_________?
A. 2
B. 2 1/2
C. 3
D. 4
Explanation:
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.