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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 = $8000 1 + \frac{5}{100} 2$

= 8000 x 21/20 x 21/20

= Rs. 8820

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