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Home Aptitude Compound Interest See What Others Are Saying!
  • Question
  • The compound interest on ? 30000 at 7% pa for a certain time is ?4347. The time is


  • Options
  • A. 2 yr
  • B. 2.5 yr
  • C. 3 yr
  • D. 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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