The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period(in years) is?
Choose the correct choice from the following options
A) 2
B) 3
C) 4
D) 1
E) 5
Amount = (30000 + 4347) = Rs. 34347   Let the time be n years. Then,   30000(1 + 7/100)n = 34347   = (107/100)n = 34347/30000 = (107/100)2   n = 2 years.   2NSWER:2
<result>A</result>
The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period(in years) is?