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6.Interest
medium
The compound interest on ₹ $30000$ at $7 \%$ per annum is ₹ $4347$ . The period (in $years$) is
A
$2$
B
$2.5$
C
$3$
D
$4$
Solution
Let the period of deposit be $N$ years.
$\therefore \quad 30000\left[\left(1+\frac{7}{100}\right)^{N}-1\right]=4347$
i.e. $\quad 30000\left(\frac{107}{100}\right)^{N}-30000=4347$
or $30000\left(\frac{107}{100}\right)^{N}=34347$
$\therefore$
$\left(\frac{107}{100}\right)^{N}=\frac{34347}{30000}=\frac{11449}{10000}=\left(\frac{107}{100}\right)^{2}$
$\therefore$
$N=2$ years
Standard 13
Quantitative Aptitude
