1.  Albert invested an amount of ₹ 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. ₹ 8600
B. ₹ 8620
C. ₹ 8800
D. ₹ 8820
E. None of these

Answer: Option D

Explanation:

Amount:

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