Shohaib invested Rs. 8000 in a scheme for 2 years at compound interest rate 5% p.a. How much amount will Shohaib get on maturity of the fixed deposit?
A. Rs. 8600
B. Rs. 8620
C. Rs. 8800
D. Rs. 8840
E. None of these
Explanation:
Amount = [8000 * (1 + 5/100)2]
= 8000 * 21/20 * 21/20
= Rs. 8820