Multiple Choice Questions on The compound interest on Rs 30000 at 7 per annum for a certain time is Rs 4347 The time is ........ for Mathematics - All Exams Preparation

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Multiple Choice Questions

The compound interest on Rs 30000 at 7 per annum for a certain time is Rs 4347 The time is ........

Quantitative Aptitude ( CCS) Compound Interest
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    The compound interest on Rs. 30000 at 7% per annum for a certain time is Rs. 4347. The time is

    3 years

    Incorrect Answer

    4 years

    Incorrect Answer

    2 years

    Correct Answer

    2.5 years

    Incorrect Answer
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    Explanation:

    Principal = Rs. 30000
    CI = Rs. 4347,
    Rate% = 7 %
    By using formula,
    → (3000 + 4347) = 30000 (1 + 7/100)t
    34347 = 3000 (1 + 7/100)t
    → 34347/30000 = (107/100)t
    → (11449/10000) = (107/100)t
    → (107/100)2 = (107/100)t
    t = 2 years

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