[2] The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period in years is:

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The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period in years is:

2$ \dfrac{1}{2} $

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.

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