The compound interest on $ 30,000 at 7% p.a is $. 4347.Find out the period (in years) ?  Select the correct option:  A) 1  B) 1.5  C) 2  D) 2.5  E) 3
Amount = 30,000 + 4347   = 34347 ......... Now by using compound interest formula we get, 30,000 * (107/100)^n = 34347 ====&gt; n = 2 years Ans - 2
<result>C</result>
The compound interest on $ 30,000 at 7% p.a is $. 4347.Find out the period (in years) ?