Albert invested Rs. 8000 in a scheme for 2 years at compound interest rate 5% p

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?

Answer: Option E

Amount = [8000 * (1 + 5/100)²] = 8000 * 21/20 * 21/20 = Rs. 8820

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