Question

Albert invested amount of 8000 in a fixed deposit for 2 years at compound interest rate of 5 % per annum. how much albert will get on the maturity of the fixed deposit.

Answer 1

The answer is Rs. 8820

Answer 2

Answer:

Rs.8,820

Explanation:

Invested amount = Rs.8000(p)

Interest rate per annum = 5%(R)

Years = 2(N)

So C.I = P[1+R100]^N

=  8000[1+5100]^2

= 8000[1+0.05]^2

= 8000[1.05]^2

= 8000[1.1025]

=Rs.8,820