Principal (P) = Rs 30,000
Rate (R) = 7% per annum
Time (T) = 2 years
The compound interest formula is:
A=P(1+100R)T
where A is the final amount.
Substituting the values:
A=30,000(1+1007)2
A=30,000(1+0.07)2
A=30,000(1.07)2
Calculating (1.07)2:
1.07×1.07=1.1449
Therefore:
A=30,000×1.1449
A=34,347
The amount after two years is Rs 34,347.