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Compound Interest

Q1:

The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:

A 2

B
2 1
2

C 3

D 4

ANS:A - 2

Amount = Rs. (30000 + 4347) = Rs. 34347. Let the time be n years.

Then, 30000 1 + 7 n = 34347
100
107 n = 34347 = 11449 = 107 2
100 30000 10000 100
 n = 2 years.



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