Question

6. The compound interest on 30000 at 7% per annum for a certain time is 4,347. Find the time period if
the interest is compounded annually.
​

Answer 1

Answer:

Your time period is:

2 years.

Step-by-step explanation:

$\huge\underline\mathfrak</h2><h2>\purple{Solution..}$

$\huge\bold\red{Given..}$

P=30000, r =7 % &

compound interest (Ic)=4347

$\huge\bold\green{To Find out..}$

Time(n)=?

We know that compound interest is:

Ic =P(1+r)^n-P.

$Ic = 30000(1 + 7\%) {}^{n} - 30000 \\ or \: \: \: 4347 = 30000(1.07) {}^{n} - 30000 \\ or \: \: \: \: 30000(1.07) {}^{n} - 30000 = 4347 \\ or \: \: \: \: 30000(1.07) {}^{n} = 4347 + 30000 \\ or \: \: \: \: 30000(1.07) {}^{n} = 34347 \\ or \: \: \: \: 1.07 {}^{n} = \frac{34347}{30000} \\ or \: \: \: \: 1.07 {}^{n} = 1.1449 \\ or \: \: \: \: 1.07 {}^{2} = 1.1449 \\ so \: \: \: \: n = 2$

Answer is: 2 years⭐⭐⭐

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