Question

The compound interest on₹30000 at $8\%$ per annum is ₹4992. The period (in years) is_____.

• A. $2\frac{1}{2}$
• B. 4
• C. 3
• D. 2

Answer 1

The correct option is D

2

P = ₹30000, r $=8\%$ p.a., C.I = ₹4992
$\Rightarrow$ Amount = ₹30000 + ₹4992 = ₹34992
$\therefore 34992=30000{(1+\frac{8}{100})}^n$
$\Rightarrow {\left(\frac{108}{100}\right)}^n=\frac{34992}{30000}=\frac{11664}{10000}$
$\Rightarrow {\left(\frac{108}{100}\right)}^n=\Rightarrow {\left(\frac{108}{100}\right)}^2\Rightarrow n=2$