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  • The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
Question 1:
The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
A. 2
Feedback Amount = Rs. (30000 + 4347) = Rs. 34347
Let the time be n years.
Then, 30000(1 +7n/100)= 34347
(107/100)^ n=34347/30000=11449/10000= (107/100)^2
n = 2 years
B. 2 1/2
C. 4
D. 3

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