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

Rs 8600

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Rs 8820

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Rs 8800

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Rs 8840

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none of these

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Solution

The correct option is B Rs 8820
Total amount $= 8000 (1 + \frac{5}{100})^{2} = 8000 \times \frac{21}{20} \times \frac{21}{20} 8820$

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

The correct option is B Rs 8820Total amount =8000(1+5100)2=8000×2120×21208820

The correct option is B Rs 8820
Total amount $= 8000 (1 + \frac{5}{100})^{2} = 8000 \times \frac{21}{20} \times \frac{21}{20} 8820$