The compound interest on ₹ 30000 at 7 % per a | vedclass

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(A) Let the period of deposit be $N$ years.Given,Principal $(P)$ = ₹ $30000$,Rate $(R)$ = $7 \%$,Compound Interest $(CI)$ = ₹ $4347$.The formula for c

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$2$

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(A) Let the period of deposit be $N$ years.Given,Principal $(P)$ = ₹ $30000$,Rate $(R)$ = $7 \%$,Compound Interest $(CI)$ = ₹ $4347$.The formula for compound interest is $CI = P \left[ \left(1 + \frac{R}{100} \right)^N - 1 \right]$.Substituting the values: $4347 = 30000 \left[ \left(1 + \frac{7}{100} \right)^N - 1 \right]$.$4347 = 30000 \left[ \left(1.07 \right)^N - 1 \right]$.Divide both sides by $30000$: $\frac{4347}{30000} = (1.07)^N - 1$.$0.1449 = (1.07)^N - 1$.$(1.07)^N = 1.1449$.Since $(1.07)^2 = 1.1449$,we have $(1.07)^N = (1.07)^2$.Therefore,$N = 2$ years.

The compound interest on ₹ $30000$ at $7 \%$ per annum is ₹ $4347$. The period (in years) is

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