Compound Interest

Quantitative Aptitude ( CCS)

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.30000 at 7% per annum is Rs.4347. The period is

2 yrs

2.5 yrs

3 yrs

3.5 yrs

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

Hence, option 1 is the correct answer.