Question 59

A invested an amount of ₹12,000 in a fixed deposit scheme for 2 years at an interest rate of 5% per annum, compounded annually. How much amount will A get on maturity of the fixed deposit?

Solution

$$A=P\left(1+\frac{R}{100}\right)^n$$

$$12000\left(1+\frac{5}{100}\right)^2$$

$$12000\left(\frac{100+5}{100}\right)^2$$

$$12000\left(\frac{105}{100}\right)^2$$

$$12000\left(\frac{441}{400}\right)^{ }$$

$$13230$$
Hence option A is the correct answer

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