The compound interest on ₹ 30,000 at 7% per annum is ₹ 4347. The period (in years) is · ABC26GN4160

Subject: General Aptitude · Chapter: Compound Interest · Exam: L.I.C.A.A.O. 2003

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

(a)2 years

(b)$2 \frac{1}{2}$ years

(c)3 years

(d)4 years

Answer

Answer (as printed): A

Explanation

Amount $=₹(30000+4347)=₹ 34347$. Let the time be $n$ years. Then, $$30000\left(1+\frac{7}{100}\right)^{n}=34347$$

Explanation as extracted from the printed page; notation may be imperfect.

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