The compound interest on ₹ 30000 at 7 % per a | vedclass

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Question

Let the period of deposit be $N$ years.

$	herefore \quad 30000\left[\left(1+\frac{7}{100}ight)^{N}-1ight]=4347$

i.e. $\quad 30000\left(\fra

Vedclass · Accepted Answer

$2$

Vedclass · Answer

Let the period of deposit be $N$ years.

$	herefore \quad 30000\left[\left(1+\frac{7}{100}ight)^{N}-1ight]=4347$

i.e. $\quad 30000\left(\frac{107}{100}ight)^{N}-30000=4347$

or $30000\left(\frac{107}{100}ight)^{N}=34347$

$	herefore$

$\left(\frac{107}{100}ight)^{N}=\frac{34347}{30000}=\frac{11449}{10000}=\left(\frac{107}{100}ight)^{2}$

$	herefore$

$N=2$ years

The compound interest on ₹ $30000$ at $7 \%$ per annum is ₹ $4347$ . The period (in $years$) is

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