Question

30. A fixed deposit of Rs. 1,00,000 in a
bank earns an interest of
Rs. 14,490 @7% compounded
annually. What is the time period of
the deposit ?
(1) 13 years
(2Y 2 years
(3) 22 years
(4) 3 years​

Answer 1

Answer:

114490=100000(1+7/100)^t

114490/100000=(107/100)^t

=2 years