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1. The compound interest on Tk 30,000 at 7% per annum is TK.4357. The period (in years) is:
- A. 2
- B. 2
- C. 2
- D. 2
Answer: Option A
Explanation:
We know,
C = P ( 1 + r)n
So, 34347 = 30, 000 ( 1 + 7/10)n
34347/30000 = (107/100)n
1.14 = ( 1.07)n
n = 2
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