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?
Answer: Option C
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Amount = Rs. \(\left[8000\times\left(1+\frac{5}{100}\right)^{2}\right]\)
= Rs. \(\left(8000\times\frac{21}{20}\times\frac{21}{20}\right)\)
= Rs. 8820.
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