Arithmetic Ability
Compound Interest

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Q.

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

View Answer

Correct choice: A

Explanation:

Amount = Rs(30000 + 4347) = Rs.34347. Let the time be n years. Then, 30000[1+7/100]n=34347 (107/100)n=34347/30000=11449/10000=(107100)2 n= 2years.
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