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Q.

The compound interest on Rs. 30000 at 7%  p.a is 4347 . The time period is

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a

1 year

b

2  year

c

3  year

d

3.5  year

answer is B.

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Detailed Solution

P=Rs.30000,R=7%,C.I=Rs.4347

C.I=AP

4347=A30000

4347+30000=A

A=Rs.34347

A=P(1+R100)n

34347=30000(1+7100)n

3434730000=(107100)n

1144910000=(107100)n

(107100)2=(107100)n

n=2 (Bases are equal power should be equal)

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