Question

Albert invested Rs. 8000 in a scheme for 2 years at compound interest rate 5% p.a. How much amount will Albert get on maturity of the fixed deposit ?
A) Rs. 8840
B) Rs. 8800
C) Rs. 8810
D) None

Answer 1

Option b is the correct answer

Answer 2

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P = Rs 8000
R = 5% p.a
T = 2 years = n =2
As we know the formula
A = P(1+R/100)^2
$= 8000 \times (1 + \frac{5}{100} ) {}^{2} \\ = 8000 \times (\frac{21}{20} ) {}^{2} \\ = 8000 \times \frac{21 \times 21}{20 \times 20} \\ = 8820$
Amount is Rs 8,820

So Option D is your answer

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