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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.8830
Rs.8500
Rs.8820

Correct Answer: Rs.8820

Explanation:

Amount

=Rs.[8000x(1+5/100)²]

= Rs.[8000 x 21/20x21/20]

= Rs.8820.

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