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

Rs.8600

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Rs.8620

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Rs.8840

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Rs.8820

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Rs.8860

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Solution

The correct option is D
Rs.8820

$A = P (1 + \frac{r}{100})^{n}$

$P = 8000 (1 + \frac{5}{100})^{2}$

$P = R s . 8820$

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

The correct option is D Rs.8820 A=P(1+r100)n P=8000(1+5100)2 P=Rs.8820

The correct option is D
Rs.8820

$A = P (1 + \frac{r}{100})^{n}$

$P = 8000 (1 + \frac{5}{100})^{2}$

$P = R s . 8820$