Q:
The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
Answer & Explanation
Answer: B) 2years
Explanation:
Amount = Rs. (30000 + 4347) = Rs. 34347.
Let the time be n years.
Then, 30000*(1+7/100)^n=34347
n= 2 years
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