Multiple choice general knowledge math & puzzles

The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:

  1. 2

  2. 2.5

  3. 3

  4. 4

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Using the compound interest formula: A = P(1 + r)^t, where Amount = 30000 + 4347 = 34347, P = 30000, r = 0.07. Then 34347 = 30000(1.07)^t, so 1.07^t = 34347/30000 = 1.1449. Checking: 1.07² = 1.1449. Therefore, t = 2 years. Option A is correct.