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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

Correct Answer: Rs. 8820

Explanation:

Amount

= Rs.	[	8000 x	❨	1 +	5	❩	2	]
					100

= Rs.	❨	8000 x	21	x	21	❩
			20		20

= Rs. 8820.

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