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.
Answers
Answered by
5
The answer is Rs. 8820
Answered by
7
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
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