Rs 30000 is lent at compound interest of

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Target Exam

CUET

Subject

General Aptitude Test

Chapter

Numerical Ability

Topic

Compound & Simple Interest

Question:

Rs 30000 is lent at compound interest of 7% per annum for 2 years. Find out the amount after two years.

Options:

Rs 34000

Rs 43437

Rs 34347

Rs 33449

Correct Answer:

Rs 34347

Explanation:

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