New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    The compound interest on Rs. 30,000 at 7%per annum for

    n years is Rs. 4347. The value of n is
    A 3 Correct Answer Incorrect Answer
    B 2 Correct Answer Incorrect Answer
    C 4 Correct Answer Incorrect Answer
    D 5 Correct Answer Incorrect Answer

    Solution

    let A= amount P =principal r = rate of interest n = time A = P(1 + (r/100))n A after n years = 30000+4347 = 34347 P = 30000 r = 7% 34347 = 30000(1 + 7/100))n 34347/30000 = (107/100)n 11449/10000 = (107/100)n (1072 = 11449) n = 2 years

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