Rohit deposited Rs.30000 at compound interest 7% per annum and got Rs.34347 at the end. Find the time period of investment.
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We will use the formula A = P [1 + r]^t
Where A is the amount, P is the principal, r is the rate of interest and t is the time period.
Inputting the value given in the problem statement we get the following:
34347 = 30000 [1 + 0.07]^t
This leaves us with 1.07^t = 1.1449
Taking log on both sides we get:
log (1.07^t) = log(1.1449)
t.log(1.07) = log(1.1449)
t × 0.029 = 0.058
t = 2
Hence the time period will be 2 years.
Where A is the amount, P is the principal, r is the rate of interest and t is the time period.
Inputting the value given in the problem statement we get the following:
34347 = 30000 [1 + 0.07]^t
This leaves us with 1.07^t = 1.1449
Taking log on both sides we get:
log (1.07^t) = log(1.1449)
t.log(1.07) = log(1.1449)
t × 0.029 = 0.058
t = 2
Hence the time period will be 2 years.
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