Advertisements
Advertisements
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?
Options
₹ 8600
₹ 8620
₹ 8820
None of these
MCQ
Solution
₹ 8820
Explanation:
Amount = `₹[8000 xx (1 + 5/100)^2]`
= `₹ (8000 xx 21/20 xx 21/20)`
= ₹ 8820.
shaalaa.com
Simple and Compound Interest (Entrance Exam)
Is there an error in this question or solution?
