Question

Ben deposits $ 30000 in a bank at 7% per annum compound interest for a certain time is $ 4347. The time is …………….

Answer 1

Answer:

The answer is 2 years

Step-by-step explanation:

Let the time is n.

Amount = 30000+ 4347 = 34347

34347= 30000 (1+7/100)^n

34347= 30000( 107/100)^n

(107/100)^n = 34347/30000

(107/100)^n = 11449/10000

(107/100)^n = (107/100)^2

n=2 years