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Compound Interest
Albert invested Rs. 8000 in a scheme for 2 years at compound interest rate 5% p.a. How much amount will Albert get on maturity of the fixed deposit ?
Rs. 8840
Rs. 8800
Rs. 8810
None
Correct Answer:
None
Explanation:
Amount =
8000
1
+
5
100
2
= 8000 x 21/20 x 21/20
= Rs. 8820
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