Discussion
The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period(in years) is?
Answer: A
\[ A = P\left(1 + \frac{R}{100}\right)^{n}, \qquad \text{CI} = A - P, \qquad \text{SI} = \frac{PRn}{100} \]
\[ A = 30000 + 4347 = \text{Rs. } 34{,}347 \]
\[ \left(1.07\right)^{n} = \frac{34347}{30000} = 1.1449 \]
\[ (1.07)^{2} = 1.1449 \quad\Longrightarrow\quad n = 2 \text{ years} \]
Recognising 1.1449 as \( 1.07^{2} \) is quicker than taking logarithms; the answer options are small integers precisely so that trial of the first few powers settles it.
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