The compound interest on ₹ 30000 at 7% pa for a certain time is ₹4347. The time is

2 yr
2.5 yr
3 yr
4 yr

Correct Answer: 2 yr

Explanation:

Given, CI = ₹ 4347, P = ₹ 30000 and R = 7%
By formula, CI = P[(1 + R/100)ⁿ - 1 ]
⇒ 4347 = 30000 [(1+7/100)ⁿ - 1]
⇒ (107/100)ⁿ = (4347/30000) + 1
⇒ (107/100)ⁿ = 34347/30000 = 11449/10000
⇒ (107/100)ⁿ = (107/100)²
∴ n = 2

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