Home / Arithmetic Aptitude / Compound Interest :: Discussion

### 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

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.

Be The First To Comment