Albert invested an amount of Rs. 8000 in a fixed deposit scheme for 2 years at compound interest rate 5 p.c.p.a. How much amount will Albert get on maturity of the fixed deposit?

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Question: Albert invested an amount of Rs. 8000 in a fixed deposit scheme for 2 years at compound interest rate 5 p.c.p.a. How much amount will Albert get on maturity of the fixed deposit?

[A].

Rs. 8600

[B].

Rs. 8620

[C].

Rs. 8820

[D].

None of these

Answer: Option C

Explanation:

Amount
= Rs. 8000 x 1 + 5 2
100
= Rs. 8000 x 21 x 21
20 20
= Rs. 8820.