If Rs. 30,000 is invested at an annual compound interest rate of 7%, and the interest earned is Rs. 4,347, what is the duration of the investment in years?

Explanation

The total amount after the investment period is Rs. 30,000 + Rs. 4,347 = Rs. 34,347. Let the time be n years. Using the compound interest formula: 30000 × (1 + 7/100)^n = 34347. Simplifying, (107/100)^n = 34347/30000, which equals (107/100)^2. Therefore, n = 2 years.