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Discussion :: Compound Interest

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

  2. A.

    2

    B.

    2\(\frac { 1 } { 2 } \)

    C.

    3

    D.

    4

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    Answer : Option A

    Explanation :

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

     

    Let the time be n years.

     

    Then, 30000[1+\(\frac { 7 } { 100 }]^n \)== 34347

     

    \([ \frac { 107 } { 100 }]^n\)=\( \frac { 34347 } { 30000 } \)=\( \frac { 11449 } { 10000 } \)=\([ \frac { 107 } { 100 }]^2\)

     

     n = 2 years.

     

     

     

     

     

     


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