Question

The compound interest on rs 30,000 at 7% per annum is ra 4347.The period in years is

Answer 1

Answer:

The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period in years is 2 years.

Explanation:

According to the problem,

Amount = Rs.(30000+4347) = Rs.34347

let the time = n years.

Then, on applying the formula.

Amount = principle ( 1+rate/100)^n

On putting the value we get,

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

=> (107/100)^n = 34347/30000

=> 11449/10000 = (107/100)^2

=> 2

The answer is 2 years.