The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
Explanation:
Amount = Rs. (30000 + 4347) = Rs. 34347.
Let the time be n years.
Then,
300001+7100n= 34347107100n = 3434730000= 1144910000=1071002
∴ n = 2 years.
Hence, option (a).
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