Compound interest on ₹ 30000 at 7 % per annum is ₹ 4347 . period (in years ) is

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6.Interest

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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

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