Question

The compound interest on rs 30000 at 7% pa is rs 4347.The period in years is

Answer 1

hєч mαtє✌✌
hєrє íѕ ur αnѕwєr ✍✍

●INTEREST = Interest is the price paid by a borrower for the use of a lender's money.

TYPE OF INTEREST----- there are 2 type of interest--
●Simple Interest
●Compound Interest

♥Simple Interest = Simple interest is the computed on the principal for the entire period of borrowing.
Formula -----
I = Pit
A = P + I
I = A - P

here
I = Amount of Interest
P = principal ( initial value of an investment)
A = Accumulated amount ( Final value of an investment)
i = Annual interest rate in decimal
t = time in years

♥Compound Interest = compound interest as the interest that accrues when earnings for each specified period of time added to the principal thus increasing the principal base on which subsequent interest is compound.

Formula -
A = p (1 + i)^n
where,
i = Annual rate of interest
n = Number of conversion period per year
INTEREST = An - P
or
= P ( 1 + i)^n - P

Let, move to ur Question -----

ɢɪᴠᴇɴ -----
ᴩ = ₹30000
ʀ = 7%
n = ???
CI = 4347

We know that ,
A = P ( 1 + i)^n
34347 = 30000 ( 1 + 0.07) ^n
34347 /30000 = (1.07 )^n
1.1449 / 1.07 = n
n = 1.07

So, the n = 1 year 7 months

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Answer 2

Information provided to us:

Principal, P = ₹ 30000

Rate of Interest, R = 7 % p.a. compounded annually

Compound Interest, CI = ₹ 4347

Solution:

Amount, A = Principal + Compound Interest

A = ₹ 30000 + ₹ 4347

A = ₹ 34347

Amount = ₹ 34347

Also, Amount = P ( 1 + R/100 ) ^ T

Hence,

₹ 34347 = ₹ 30000 ( 1 + 7/100 ) ^ T

34347 / 30000 = ( 107 / 100 ) ^ T

11449 / 10000 = ( 107 / 100 ) ^ T

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

Since the above equation has common bases, their powers will be equal as well.

T = 2 years

Time = T = 2 years