Albert invested an amount of Rs. 6000 in a fixed deposit scheme for 3 years at a compound interest rate of 5% p.a. How much will Albert get on maturity of the fixed deposit?
Rs. 6,945.75
Using A = P(1+r/100)^n, A = 6000(1.05)^3 = 6000 x 1.157625 = Rs. 6,945.75. This is the maturity amount Albert receives.
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