Rs 30000 is lent at compound interest of 7% per annum for 2 years. Find out the amount after two years.
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → Rs 34347
Principal = Rs. 30,000
Rate = 7 percent per annum
Time = 2 years
Amount = Principal × (1 + Rate/100)²
= 30,000 × (1.07)²
= 30,000 × 1.1449
= 34,347