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Q.

Ravi invested an amount of Rs.20,000 in a fixed deposit scheme for 2 years at compound interest at the rate 2%. How much amount will Ravi get on maturity of the fixed deposit ?

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a

20,500

b

20,808

c

20,600

d

20,700

answer is B.

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Detailed Solution

Solution: $T o t a l = 20000 \times \frac{102}{100} \times \frac{102}{100}$

$\begin{array}{l} = 2 \times 102 \times 102 \\ = 10404 \times 2 = 20808 \end{array}$

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