The compound interest on ₹ 30,000 at 7% per annum for

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The compound interest on ₹ 30,000 at 7% per annum for a certain time is ₹ 4,347. The time is

1. 3 years
2. 4 years
3. 2 years
4. 2.5 years

Correct Option: C

Here , Principal ( P ) = ₹ 30,000 , Compound Interest ( CI ) = ₹ 4347 , Rate ( R ) = 7% , Time = T
Amount ( A ) = Principal + CI = 30000 + 4347 = ₹ 34347

A = P		1 +	R		^T
			100

⇒ 34347 = 30000		1 +	7		^T
			100

⇒	34347	=		107		^T
	30000			100

⇒	11449	=		107		²	=		107		^T
	10000			100					100

Equating powers on both sides ,
⇒ Time = 2 years