Discussion :: Compound Interest
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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?
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Answer : Option C
Explanation :
Amount=Rs.[8000\(* (1+\frac { 5} {100 } )^2]\)
=Rs.[8000\(*\frac {2 1 } { 20 }*\)\(\frac {2 1 } { 20 }\)]
=Rs.8820
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