The compound interest on Rs.30,000 at 7% per annum for a certain time is Rs.4,347. The time is
1). 3 years
2). 4 years
3). 2 years
4). 2.5 years
Here is the right answer
A = P $(1+\frac{(R)^{t}}{100})$
30000 + 4347
$\frac{34347}{30000}$ =$\frac{107}{100}$
Time = 2 years