Compound Interest Practice Test 4

Question : 30 of 40

Marks: +1, -0

The compound interest on Rs 30,000 at 7% per annum for a certain time is Rs 4,347. The time is:

Solution:

P = Rs 30,000; R = 7%; T = t; CI = Rs 4,347

CI=[P(1+r/100)^t]-P

4347=30000(1+7/100)^t-30000

34347/30000=11449/10000=(107/100)^t

(107/100)^2=(107/100)^t

So, t = 2 years

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