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Q:

Bob Kashir deposited $6000 in a 4-year certificate of deposite paying 5% compounded daily.He withdrew the money 15 months later.The passbook rate at his bank is 3.5 % compounded daily.Find his amount of interest

A) 5678 B) 4563
C) 4329 D) 6210.73

Answer:   D) 6210.73



Explanation:

Bob receives 15-3 = 12 months of 3.5 % interest compounded daily

 

 

 

M=P(1+i/365)^365n

Subject: Quantitative Aptitude - Arithmetic Ability
Exam Prep: Bank Exams
Job Role: Bank PO
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