The compound interest of Rs. 30000 at 7% per annum is Rs. 4347, the period is
A1
B2
C3
D4
Answer:
B. 2
Read Explanation:
P = 30000, I = 4347, R = 7%
A = P + I
We know that A = P(1 + R/100)^n
34347 = 30000(1 + 7/100)^n
34347/30000 = (107/100)^n
11449/10000 = (107/100)^n
(107/100)² = (107/100)^n
n = 2
