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

2
2 1 2
3
4

Correct Answer: 2

Explanation:

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

Let the time be n years.

Then, 30000	❨	1 +	7	❩	n	= 34347
			100

⟹	❨	107	❩	n	=	34347	=	11449	=	❨	107	❩	2
		100				30000		10000			100

∴ n = 2 years.

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