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? Rs. 8600 rs. 8620 rs. 8820 none of these

Answer 1

By the compound Interest formula

A=P(1+R/100)raise to N

8000×105÷100×105÷100=8,820 Rupees after the scheme ends

Answer 2

Answer:

Rs.8,820

Step-by-step 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