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Q:

How many alphabets need to be there in a language if one were to make 1 million distinct 3 digit initials using the alphabets of the language?

A) 1000 B) 100
C) 500 D) 999
 
Answer & Explanation Answer: B) 100

Explanation:

1 million distinct 3 digit initials are needed.

 

Let the number of required alphabets in the language be ‘n’.

 

Therefore, using ‘n’ alphabets we can form n * n * n = n3 distinct 3 digit initials.

 

Note distinct initials is different from initials where the digits are different.

 

For instance, AAA and BBB are acceptable combinations in the case of distinct initials while they are not permitted when the digits of the initials need to be different.

 

This n3 different initials = 1 million 

i.e. n3=106  (1 million = 106)

  => n = 102 = 100

 

Hence, the language needs to have a minimum of 100 alphabets to achieve the objective.

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Filed Under: Permutations and Combinations

Q:

From 5 consonants and 4 vowels, how many words can be formed using 3 consonants and 2 vowels ?

A) 7600 B) 7200
C) 6400 D) 3600
 
Answer & Explanation Answer: B) 7200

Explanation:

From 5 consonants, 3 consonants can be selected in 5C3 ways.

 

From 4 vowels, 2 vowels can be selected in 4C2 ways.

 

Now with every selection, number of ways of arranging 5 letters is 5P5ways.

 

Total number of words = 5C3*4C2*5P5

 

                                = 10x 6 x 5 x 4 x 3 x 2 x 1= 7200

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Filed Under: Permutations and Combinations

Q:

If the rate of inflation for the next 20 years is 2.5% per year, what annual income will be needed 20 years from now to have the same purchasing power as a $30,000 annual income today?

A) 39158 B) 49158
C) 59158 D) 69158
 
Answer & Explanation Answer: B) 49158

Explanation:

i=j/m

FV = PV(1+  i)^n

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

Q:

A five-year promissory note with a face value of $3500, bearing interest at 11%  compounded semiannually, was sold 21 months after its issue date to yield the buyer 10% compounded quarterly.What amount was paid for the note

A) 4336.93 B) 5336
C) 6336 D) 7336
 
Answer & Explanation Answer: A) 4336.93

Explanation:

i=j/m

Maturity value = PV(1 + i)^n

Term = 5 years - 21 months=  3.25 years

Price paid = FV(1+ i )^-n

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

Q:

$10,000 face value strip bond has 15 years remaining until maturity. If the prevailing market rate of return is 6.5% compounded semiannually, what is the fair market value of the strip bond?

A) 1710.29 B) 2710.29
C) 3710.29 D) 4710.29
 
Answer & Explanation Answer: C) 3710.29

Explanation:

i=j/m

n =m(Term) = 2(15.5)  =31

Fair market value  Present value of the face value

 =FV(1+  i)^-n

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

Q:

A $1000 face value Series S50 compound interest Canada Savings Bond (CSB) was presented to a credit union branch for redemption.What amount did the owner receive if the redemption was requested on:January 17, 2001?

A) 1206 B) 1306
C) 1406 D) 1506
 
Answer & Explanation Answer: B) 1306

Explanation:

I  = ptr

Therefore, the total amount the owner received on January 17, 2001 was

$1295.57 + $10.47 = $1306.04

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

Q:

A chartered bank offers a five-year Escalator Guaranteed Investment Certificate.In successive years it pays annual interest rates of 4%, 4.5%, 5%, 5.5%, and 6%, respectively, compounded at the end of each year. The bank also offers regular five-year GICs paying a fixed rate of 5% compounded annually. Calculate and compare the maturity values of $1000 invested in each type of GIC. (Note that 5% is the average of the five successive one-year rates paid on the Escalator GIC.)

A) 1276.28 B) 1234
C) 1278 D) 1256
 
Answer & Explanation Answer: A) 1276.28

Explanation:

FV = $1000(1.04)(1.045)(1.05)(1.055)(1.06) = $1276.14

 the maturity value of the regular GIC is

 

 FV = $ 1000 x 1.055=  $1276.28

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

Q:

12 points lie on a circle. How many cyclic quadrilaterals can be drawn by using these points?

A) 500 B) 490
C) 495 D) 540
 
Answer & Explanation Answer: C) 495

Explanation:

For any set of 4 points we get a cyclic quadrilateral. Number of ways of choosing 4 points out of 12 points is 12C4 = 495.

 

Therefore, we can draw 495 quadrilaterals

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Filed Under: Permutations and Combinations