Albert put Rs. 8000 into a two-year fixed deposit programme with a compound interest rate of 5% per annum. When Albert's fixed deposit matures, how much money will he receive?
A. Rs. 8600
B. Rs. 8620
C. Rs. 8820
D. None of these
Answer:C
Albert put Rs. 8000 into a two-year fixed deposit programme with a compound interest rate of 5% per annum. When Albert's fixed deposit matures, how much money will he receive?
A. Rs. 8600 B. Rs. 8620 C. Rs. 8820 D. None of these
Explanation: Amount = Rs. 8000 x 1 + 5/100 to the second power= Rs. 8000 multiplied by 21/20= 8820 rupees.