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

The compound interest on Tk. 30,000 at 7% per annum is Tk. 4347. The period (in year) is: Correct Answer 2

Hints : we know C = P ( 1 + r) n here, C = 30, 000 + 4347 = 34347 tk P = 30, 000 r = 7% = 7/100 n = ? So, 34347 = 30, 000 ( 1 + 7/100)n 34347/30000 = (107/100)n 1.14 = (1.07)n (1.07)2 = (1.07)n n = 2

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