At a rate of 7% per year, the compound interest on Rs. 30,000 is Rs. 4347. The time frame is as follows (in years):
A. 2
B. 2 1/2
C. 3
D. 4
Answer:A
At a rate of 7% per year, the compound interest on Rs. 30,000 is Rs. 4347. The time frame is as follows (in years):
A. 2 B. 2 1/2 C. 3 D. 4
Explanation: Amount = Rs. 34347 (rs. 30000 + 4347). Let's say it's been n years. After that, 30000 1 + 7 /100n= 34347 =107/100 n =34347/30000 =11449/10000 =107/100 to the power2 = n = 2 years