The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period in years is:
2
2$ \dfrac{1}{2} $
3
4
Explanation:
Amount = Rs. (30000 + 4347) = Rs. 34347.
Let the time be $ n $ years.
| Then, 30000$ \left(1 +\dfrac{7}{100} \right)^n $= 34347 |
| $\Rightarrow \left(\dfrac{107}{100} \right)^ n$ =$ \dfrac{34347}{30000} $=$ \dfrac{11449}{10000} $=$ \left(\dfrac{107}{100} \right)^2$ |
$\therefore n $ = 2 years.