The compound interest on rs.30000 at 7% per annum is Rs.4347. The period is
A) 2 years
B) 2.5 years
C) 3 years
D) 4 years
Answers
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Let us assume that the time is x years.
Therefore the calculation would be 30000 (1 + 7/100) ^ x = Principal + Interest
i.e. 34347 Which comes to (107/100) ^ x = 34347/30000 = 11449 / 10000 = (107 / 100) ^ x
Hence x=2. So the period would be 2 years.
Therefore the calculation would be 30000 (1 + 7/100) ^ x = Principal + Interest
i.e. 34347 Which comes to (107/100) ^ x = 34347/30000 = 11449 / 10000 = (107 / 100) ^ x
Hence x=2. So the period would be 2 years.
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