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Shohaib invested Rs. 8000 in a scheme for 2 years at compound interest rate 5% p.a. How much amount will Shohaib get on maturity of the fixed deposit?

Correct answer: E. None of these

  • A. Rs. 8600
  • B. Rs. 8620
  • C. Rs. 8800
  • D. Rs. 8840
  • E. None of these

Explanation

The maturity amount after two annual compound-interest periods is Rs. 8,000 x 1.05^2 = Rs. 8,000 x 1.1025 = Rs. 8,820. Since Rs. 8,820 is not listed, option e is correct; option b, Rs. 8,620, likely comes from adding only Rs. 620 as interest without applying the standard compound calculation correctly.

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