Compound Interest

Quantitative Aptitude (MTS)

Title

45:30

8 of 24 completed

5 of 15 completed

38 of 100 completed

8 of 20 completed

Indian Economy - Understanding the basics of Indian economic system

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

Amount = Rs. (30000 + 4347) = Rs. 34347.

Let the time be n years.

Then, 30000		1 +	7/		n	= 34347
			100

107/

34347/

11449/

107/

100

30000

10000

100

n = 2 years.

Hence, option 1 is the correct answer.