Question

Rohit deposited rupees 30000 at compound interest 7% per annum and got rupees 34.347 at the end. find the time period of investment​

Answer 1

Answer:

Step-by-step explanation:

let the no of cycles = n

A = P(1 + (r/100))^n

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

34347/30000 = 1.07^n

1.1449 = 1.07^n

taking log on both sides,

log1.1449 = nlog1.07

n = log1.1449 / log1.07

n = 0.058767/0.029384

n = 2

since interest rate is compounding yearly

therefore time taken is 2 years