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Anand invested $₹8,000$ as a fixed deposit scheme for $2$ years at compound interest rate $5\%$ p.a. How much amount will Anand get on maturity of the fixed deposit?

  1. $₹8,600$
  2. $₹8,620$
  3. $₹8,820$
  4. None of the options
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$\text{Amount(A) = Principal(P)}\left(1+\frac{r}{100}\right)^{n};$ where $r = $ rate of interest and $n = $ time.

$A = 8000\left(1+\frac{5}{100}\right)^{2} = 8000\left(\frac{21}{20}\right)^{2} = ₹8,820.$

$\text{PS:}$ We can do using simple interest also, while calculating the interest, we calculate for every one year.

So, the correct answer is $(C).$
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