Albert invested an amount of Rs. 8000 in a fixed deposit scheme for 2 years at compound interest rate 5 p.c.p.a. How much amount will Albert get on maturity of the fixed deposit?
Rs. 8600
Rs. 8620
Rs. 8820
None of these
Explanation:
| Amount | = Rs.$ \left[8000 \times\left(1 +\dfrac{5}{100} \right)^2\right] $ |
| = Rs.$ \left(8000 \times\dfrac{21}{20} \times\dfrac{21}{20} \right) $ | |
| = Rs. 8820. |