Question

The coumpound interest on rs 30000 at 7% per annum is rs. 4347. The period yrs is

Answer 1

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

let the time be n years

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

(107/100)^n = 34347/30000 = 11449/10000 = (107/100)^2

n = 2years

Answer 2

Answer:

A = P(I +r/1oo)n

34347 = 30000 (I +7/loo)n

(I07/100)n=34347/3oooo

I.07^n=!.I449

1.07^n=1.07^2

n=2

period of years is 2 Ans