Question

The compound interest on Rs. 30000 at $7\%$ per annum is Rs. 4347. The period (in years) is:

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

Answer 1

The correct option is A 2

P = Rs. 30000, r $=7\%$ p.a., C.I = Rs. 4347
$\Rightarrow$ Amount = Rs. 30000+Rs. 4347 = Rs. 34347
$\therefore 34347=30000{(1+\frac{7}{100})}^n$
$\Rightarrow {\left(\frac{107}{100}\right)}^n=\frac{34347}{30000}=\frac{11449}{10000}$
$\Rightarrow {\left(\frac{107}{100}\right)}^n=\Rightarrow {\left(\frac{107}{100}\right)}^2\Rightarrow n=2$