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Compound Interest

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  1. The compound interest on Rs. 30000 at 7% per annum for a
    certain time is Rs. 4347. The time is ?
    1. 2 years
    2. 21/2 years
    3. 3 years
    4. 4 years
Correct Option: A

∵ 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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