The compound interest on Rs. 30000 at 7% per annum for a certain time is Rs. 4347. The time is?

Q: The compound interest on Rs. 30000 at 7% per annum for a certain time is Rs. 4347. The time is?

∵ 30000 x (1 +7/100)t = 30000 + 4347 ⇒ (107/100)t = 34347/30000 ⇒11449/10000 = (107/100)2 ∴ Time = 2 years

2 years
21/2 years
3 years
4 years

Correct Answer: 2 years

Explanation:

∵ 30000 x (1 +7/100)^t = 30000 + 4347
⇒ (107/100)^t = 34347/30000
⇒11449/10000 = (107/100)²
∴ Time = 2 years

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