Albert invested an amount of ₹ 8000 in a fixed deposit scheme for 2 years at compound interest rat

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6.Interest

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

A

$8600$

B

$8620$

C

$8800$

D

$8820$

Solution

$A=P\left(1+\frac{R}{100}\right)^{N}$

$=8000\left(1+\frac{5}{100}\right)^{2}=8000 \times\left(\frac{21}{20}\right)^{2}$

$=20 \times 21^{2}=₹ 8820$

Standard 13

Quantitative Aptitude

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