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Compound Interest - General Aptitude

Q1:

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?

A Rs. 8600

B Rs. 8620

C Rs. 8820

D None of these

ANS:C - Rs. 8820

Amount
= Rs. 8000 x 1 + 5 2
100
 
= Rs. 8000 x 21 x 21
20 20
  = Rs. 8820.