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

3years
2years
4years
6years

Correct Answer: 2years

Explanation:

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

Let the time be n years.

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

n= 2 years

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