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Question
The compound interest on Rs. 30000 at 7% p.a. is Rs. 4347. What is the period in years?
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Solution
Given that,
Principal (P) = ₹ 30,000
Rate of interest (R) = 7% p.a.
Compound interest = ₹ 4,347
Amount after compound interest
A = P`(1 + "R"/100)^"T"` and
I = A - P
∴ 4,347 = 30,000`(1 + 7/100)^"T" - 30,000`
= 30,000[(1.07)T - 1]
∴ 4,347 = 30,000[(1.07)T - 1]
∴ (1.07)T = `4347/30000 + 1`
= `1449/10000 + 1`
= `11449/10000`
= `(107/100)^2`
= (1.07)2
∴ T = 2
∴ Amount is invested for 2 years.
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