Question

ben deposits dollar 30000 in a bank at 7% per annum. compound interest for a certain time is Dollar 4347 what is the time​

Answer 1

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Answer 2

• Principal=30,000
• C.I=4347
• Rate of interest=7 %

Amount=Principal+C.I

Amount=30,000+4347=34347

Let the time is T years' then

$⇒34347=30000(1+ \frac{7}{100} ) {}^{T} \\ ⇒34347=30000( \frac{107}{100} ) {}^{T} \\ ⇒( \frac{107}{100} ) {}^{T} = \frac{34347}{30000} \\ ⇒( \frac{107}{100} ) {}^{T} = \frac{11449}{10000} \\ ⇒( \frac{107}{100} ) {}^{T} =( \frac{107}{100} ) {}^{2}$

Hence, T = 2 years