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

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Multiple Choice Questions

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

Quantitative Aptitude ( CCS) Compound Interest
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    The compound interest on rs.30000 at 7% per annum is Rs.4347. The period is

    2 yrs

    Correct Answer

    2.5 yrs

    Incorrect Answer

    3 yrs

    Incorrect Answer

    3.5 yrs

    Incorrect Answer
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    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

    Hence, option 1 is the correct answer.

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