Aptitude - Compound Interest - Discussion
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Read more:"I never see what has been done; I only see what remains to be done."
- Marie Curie
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The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
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Answer: Option D
Explanation:
Amount = Rs. (30000 + 4347) = Rs. 34347.
Let the time be n years.
| Then, 30000 |
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1 + |
7 |
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n |
= 34347 |
| 100 |
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107 |
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n |
= |
34347 |
= |
11449 |
= |
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107 |
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2 |
| 100 |
30000 |
10000 |
100 |
 n = 2 years.
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Chaitu said:
(Tue, Nov 23, 2010 01:27:40 AM)
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30000(107/100)=32100
(32100*7)/100=147 is for 1 year
2100+2100+147=4347
2 years |
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Lalitha said:
(Fri, Mar 25, 2011 01:25:55 AM)
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| Can any one please help how it has come (107/100)^2 |
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Dittya said:
(Tue, Apr 5, 2011 07:28:11 AM)
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| Yaa, its because (107)^2 = 11449 and (100)^2 = 10000. |
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Prabakaran said:
(Tue, Jul 19, 2011 05:29:32 PM)
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| What is 107/100 ? |
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Anusha said:
(Sun, Oct 16, 2011 04:44:52 PM)
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Amount=30000+4347 = 34347
amount=p(1+R/100)^n
34347=30000(1+7/100)^n
34347=30000(107/100)^n
34347/30000=(107/100)^n
11429/10000=(107/100)^n.
hence
(107/100)^2=11429/10000. |
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Mercy said:
(Fri, Jan 20, 2012 01:35:06 PM)
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Simpler yet old-fashioned solution to me would be:
30000*7/100=2100 - year 1
30000+2100=32100*7/100=2247 - year 2
now add 2100+2247=4347 which was the compound interest earned after 2years.
Thus the ans is 2 years. |
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