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Q:

A sum of money lent at compound interest for 2 years at 20% per annum would fetch Rs.482 more, if the interest was payable half yearly than if it was payable annually . The sum is

A) 10000	B) 20000
C) 40000	D) 50000

Answer & Explanation Answer: B) 20000

Explanation:

Let sum=Rs.x

C.I. when compounded half yearly = $[x {(1 + \frac{10}{100})}^{4} - x] = \frac{4641}{10000}$

C.I. when compounded annually = $[x {(\frac{20}{100})}^{2} - x] = \frac{11}{25}$

$\frac{4641}{10000} x - \frac{11}{25} x = 482$

=> x=20000

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Q:

Simon deposits $400 in an account that pays 3% interest compounded annually. What is the balance of Simon’s account at the end of 2 years?

A) 424.36	B) 524.56
C) 545.36	D) 456.36

Answer & Explanation Answer: A) 424.36

Explanation:

I=Prt

I=12

Balance = P +Prt

412

Find the balance at the end of the second year.

I = Prt=12.36

Balance =P + Prt

424.36

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Q:

You deposit $300 in a savings account that pays 4% simple annual interest. Find your account balance after 9 months.

A) 309	B) 409
C) 609	D) 509

Answer & Explanation Answer: A) 309

Explanation:

A = P + Prt

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Q:

Josh borrowed $250 from his mother to buy an electric scooter. Josh will pay her back in 1 year with 3% simple annual interest. How much interest will Josh pay?

A) 7.50	B) 8.50
C) 9.50	D) 10.50

Answer & Explanation Answer: A) 7.50

Explanation:

I=prt/100

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Q:

If you deposit $8000 into an account paying 7% annual interest compounded quarterly, how long until there is $12400 in the account?

A) 2.3	B) 3.3
C) 4.3	D) 6.3

Answer & Explanation Answer: D) 6.3

Explanation:

FV=P(1+r/n)^nt

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Q:

If you deposit $5000 into an account paying 6% annual interest compounded monthly, how long until there is $8000 in the account?

A) 6.9	B) 7.9
C) 8.9	D) 9.9

Answer & Explanation Answer: B) 7.9

Explanation:

FV=P(1+r/n)^nt

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Q:

How much money would you need to deposit today at 9% annual interest compounded monthly to have $12000 in the account after 6 years?

A) 9007	B) 4007
C) 7007.08	D) 8oo7

Answer & Explanation Answer: C) 7007.08

Explanation:

FV=P(1+r/n)^nt

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Q:

If you deposit $6500 into an account paying 8% annual interest compounded monthly, how
much money will be in the account after 7 years?

A) 11358.24	B) 12334
C) 15789	D) 12386

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