Question

Albert invested an amount of ₹ 8000 in a fixed deposit scheme for 2 years at a compound interest rate of 5% per annum. How much amount will Albert get on the maturity of the fixed deposit?

विकल्प

• ₹ 8600

• ₹ 8620

• ₹ 8820

• None of these

Answer 1

₹ 8820

Explanation:

Amount = `₹[8000 xx (1 + 5/100)^2]`

= `₹ (8000 xx 21/20 xx 21/20)`

= ₹ 8820.