Aptitude - Compound Interest - Discussion
Discussion Forum : Compound Interest - General Questions (Q.No. 5)
5.
The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
Answer: Option
Explanation:
Amount = Rs. (30000 + 4347) = Rs. 34347.
Let the time be n years.
| Then, 30000 |  |
1 + | 7 |  |
n | = 34347 |
| 100 |
 |
|
107 | |
n | = | 34347 | = | 11449 | = | |
107 | |
2 |
| 100 | 30000 | 10000 | 100 |
n = 2 years.
Discussion:
46 comments Page 2 of 5.
Bimla jarmwal said:
7 years ago
Please, anyone, explain the answer in detail to me.
(1)
Anomie said:
7 years ago
How did come 11449?
(1)
Mercy said:
1 decade ago
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.
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.
(1)
Abhilok said:
10 years ago
2 times in 10 years.
2^3 = 8 times in 3*10 = 30 years.
Let power = n.
Given year = y.
n*y is the answer.
2^3 = 8 times in 3*10 = 30 years.
Let power = n.
Given year = y.
n*y is the answer.
(1)
Rkh said:
9 years ago
What if the power is( 107/100)^4?.
How can we find quad root of a number?
How can we find quad root of a number?
Sangavi said:
7 years ago
Why we add 30000 and 4347, can anyone please explain it?
Chloe said:
8 years ago
Use the formula
n = [ log(fv/p) ] / [ log (1+i)].
Where
FV = future value.
P = present value.
i = interest ( in dec. place).
n = [ log ( 34,347/30,000) ] / [ log (1+0.07)].
= 2.
n = [ log(fv/p) ] / [ log (1+i)].
Where
FV = future value.
P = present value.
i = interest ( in dec. place).
n = [ log ( 34,347/30,000) ] / [ log (1+0.07)].
= 2.
B. Tatung said:
8 years ago
How come 3 divided by both numerator and denominator?
Please, someone, explain me.
Please, someone, explain me.
France said:
9 years ago
107 * 107 is 11449 and 100 * 100 = 10000 but how is it equal to 34347/30000 ?
Shipra said:
8 years ago
Thanks people. It helped a lot!
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