(D) The formula for the amount $A$ under compound interest is given by $A = P(1 + \frac{R}{100})^N$,where $P$ is the principal,$R$ is the rate of inte

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(D) The formula for the amount $A$ under compound interest is given by $A = P(1 + \frac{R}{100})^N$,where $P$ is the principal,$R$ is the rate of interest,and $N$ is the time period in years.Given: $P = ₹ 8000$,$R = 5 \%$,$N = 2$ years.Substituting the values into the formula:$A = 8000(1 + \frac{5}{100})^2$$A = 8000(1 + 0.05)^2$$A = 8000(1.05)^2$$A = 8000 \times 1.1025$$A = 8820$Therefore,Albert will get ₹ $8820$ on maturity.

Competitive Quantitative Aptitude Interest Compound Interest

Medium

Albert invested an amount of ₹ $8000$ in a fixed deposit scheme for $2$ years at a compound interest rate of $5 \%$ per annum. How much amount (in ₹) will Albert get on maturity of the fixed deposit?

A
$8600$
B
$8620$
C
$8800$
D
$8820$

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Albert invested an amount of ₹ $8000$ in a fixed deposit scheme for $2$ years at a compound interest rate of $5 \%$ per annum. How much amount (in ₹) will Albert get on maturity of the fixed deposit?

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