Question

The compound interest of Rs. 30000 at 7% per annum is Rs. 4347, the period is

• A. 1
• B. 2
• C. 3
• D. 4

Answer 1

Answer:

B. 2

P = 30000, I = 4347, R = 7% A = P + I We know that A = P(1 + R/100)^n 34347 = 30000(1 + 7/100)^n 34347/30000 = (107/100)^n 11449/10000 = (107/100)^n (107/100)² = (107/100)^n n = 2