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The compound interest on rs.30000 at 7% per annum is Rs.4347. The period is

The compound interest on rs.30000 at 7% per annum is Rs.4347. The period is Correct Answer 2 years

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

 

let the time be n years

 

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

 

(107/100)^n = 34347/30000 = 11449/10000 = (107/100)^2

 

n = 2years

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