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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.
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Answer
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