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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 & Explanation Answer: D) 6210.73

Explanation:

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

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

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

Q:

Find the compound amount if $1200 is deposited at 8% interest for 11 years if interest is compounded continuously

A) 1456	B) 1456
C) 1693.08	D) 1890

Answer & Explanation Answer: C) 1693.08

Explanation:

M=Pe^yr

2893.08

I=M-P

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

Q:

Find the compound amount if $2900 is deposited at 5% interest for 10 years if interest is compounded daily

A) 4781.13	B) 5781
C) 3456	D) 4567

Answer & Explanation Answer: A) 4781.13

Explanation:

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

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

Q:

An amount of 5,000 is invested at a fixed rate of 8 per cent per annum. What amount will be the value of the investment in five years time, if the interest is compounded every six months?

A) 7401.22	B) 3456
C) 4567	D) 7890

Answer & Explanation Answer: A) 7401.22

Explanation:

With slight modifications, the basic formula can be made to deal with compounding at intervals other than annually.

Since the compounding is done at six-monthly intervals, 4 per cent (half of 8 per cent) will be added to the value on each occasion.

Hence we use r = 0.04. Further, there will be ten additions of interest during the five years, and so n = 10. The formula now gives:

V = P(1 + r)10 = 5,000 x (1.04)10 = 7,401.22

Thus the value in this instance will be £7,401.22.

In a case such as this, the 8 per cent is called a nominal annual

rate, and we are actually referring to 4 per cent per six months.

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Filed Under: Simple Interest
Exam Prep: Bank Exams
Job Role: Bank PO

Q:

An amount of 5,000 is invested at a fixed rate of 8 per cent per annum. What amount will be the value of the investment in five years time, if the interest is compounded annually

A) 7346.64	B) 8346
C) 3456	D) 4567

Answer & Explanation Answer: A) 7346.64

Explanation:

The only part of this type of calculation that needs particular
care is that concerning the interest rate. The formula assumes that
r is a proportion, and so, in this case:
r = 0.08
In addition, we have P = 5,000 and n = 5, so:
V = P(1 + r)5 = 5,000 x (1 + 0.08)5 = 5,000 x 1.469328 = 7,346.64
Thus the value of the investment will be 7,346.64

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Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

Q:

What is difference between ARP and RARP?

Answer

The address resolution protocol (ARP) is used to associate the 32 bit IP address with the 48 bit physical address, used by a host or a router to find the physical address of another host on its network by sending a ARP query packet that includes the IP address of the receiver.

The reverse address resolution protocol (RARP) allows a host to discover its Internet address when it knows only its physical address

Workspace

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Subject: Networking
Job Role: Network Engineer

Q:

Derrick's dad bought new tires for $900 using a credit card. His card has an interest rate of 19%. If he has no other charges on his card and does not pay off his balance at the end of the month, how much money will he owe after one month?

A) 11.25	B) 13.25
C) 14.25	D) 15.25

Answer & Explanation Answer: C) 14.25

Explanation:

I=prt

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Filed Under: Simple Interest
Exam Prep: Bank Exams
Job Role: Bank PO

Q:

If two letters are taken at random from the word HOME, what is the probability that none of the letters would be vowels?

A) 1/6	B) 1/2
C) 1/3	D) 1/4

Answer & Explanation Answer: A) 1/6

Explanation:

P(first letter is not vowel) = $\frac{2}{4}$

P(second letter is not vowel) = $\frac{1}{3}$

So, probability that none of letters would be vowels is = $\frac{2}{4} \times \frac{1}{3} = \frac{1}{6}$

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Filed Under: Probability

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