Mr. Shantanu invests 8,000 in a fixed deposit scheme for two years. At the end of the first year this money amounts to ₹ 8,960. Calculate : i. the rate of interest per annum compounded annually.
ii. the amount at the end of second year.
iii. and total interest earned in two years.
Answers
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Answer:
Correct option is
C
Rs.8820
Amount=Rs.[8000×(1+
100
5
)
2
]
=Rs.(8000×
20
21
×
20
21
)
=Rs.8820.