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Albert invested an amount of Rs 8000 in a fixed deposit...

This question belongs to Arithmetic Ability Compound Interest
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?

Answer & Solution
Correct Answer: Option C
$$\eqalign{ & {\text{Amount}} = Rs.\left[ {8000 \times {{\left( {1 + \frac{5}{{100}}} \right)}^2}} \right] \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = Rs.\,\left( {8000 \times \frac{{21}}{{20}} \times \frac{{21}}{{20}}} \right) \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = Rs.\,8820 \cr} $$
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