Question 52
The compound interest on Rs. 30000 at 7 percent per annum is Rs. 4347. What is thetime period in years for this investment?
Solution
$$P\left(1+\frac{r}{100}\right)^n-P\ =4347$$
$$\left(1+\frac{r}{100}\right)^n-1\ =\frac{4347}{30000}$$
$$\left(1+\frac{7}{100}\right)^n=\frac{11449}{10000}$$
n = 2
Answer is option A.
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