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Albert Invested an Amount of ₹8000 in a Fixed Deposit Scheme for 2 Years at a Compound Interest Rate of 5% per Annum. How Much Amount Will Albert Get on the Maturity of the Fixed Deposit? - Mathematics

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MCQ

Albert invested an amount of 8000 in a fixed deposit scheme for 2 years at a compound interest rate of 5% per annum. How much amount will Albert get on the maturity of the fixed deposit?

Options

  • ₹8600

  • ₹8620

  • ₹8820

  • None of these

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Solution

₹8820
Explanation:

Amount = ₹`[8000xx(1+5/100)^2]`

= ₹`(8000xx21/20xx21/20)` = ₹8820

Concept: Simple and Compound Interest
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