Albert invested the amount of $8,000 in a fixed deposit for 2 years at a compound interest rate of 5% per annum. how much will albert get on the maturity of the fixed deposit?
a. $8510
b. $8620
c. $8730
d.$8820

Option D.$8820

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  

25/14 or 1.

step-by-step explanation:

the dots mean that it has infinitely more numbers behind it