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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.8820
Rs.8620
Rs.8520
Rs.8320

Correct Answer: Rs.8820

Explanation:

Amount = $R s . 8000 * 1 + \frac{5}{100} 2$ =Rs.8820

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