Compound Interest

Quantitative Aptitude ( Phase -I)

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The compound interest on rs.30000 at 7% per annum is Rs.4347. The period is

2.5 years

3 years

3.5 years

2 years

Explanation:

Amount = Rs.(30000+4347) = Rs.34347
let the time be n years
Then,30000(1+7/100)^n = 34347
(107/100)^n = 34347/30000 = 11449/10000 = (107/100)^2
n = 2years

By: MIRZA SADDAM HUSSAIN

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