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Q:

The population of a rural region is expected to fall by 2% per year for the next 10 years. If the region’s current population is 100,000, what is the expected population 10 years from now?

A) 81707	B) 91707
C) 61707	D) 71707

Answer & Explanation Answer: A) 81707

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:

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
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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
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Q:

A committee of 5 persons is to be formed from 6 men and 4 women. In how many ways can this be done when at least 2 women are included ?

A) 196	B) 186
C) 190	D) 200

Answer & Explanation Answer: B) 186

Explanation:

When at least 2 women are included.

The committee may consist of 3 women, 2 men : It can be done in $4 C_{3} * 6 C_{2}$ ways

or, 4 women, 1 man : It can be done in $4 C_{4} * 6 C_{1}$ ways

or, 2 women, 3 men : It can be done in $4 C_{2} * 6 C_{3}$ ways.

Total number of ways of forming the committees

= $4 C_{2} * 6 C_{3} + 4 C_{3} * 6 C_{2} + 4 C_{4} * 6 C_{1}$

= 6 x 20 + 4 x 15 + 1x 6

= 120 + 60 + 6 =186

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Filed Under: Permutations and Combinations

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
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Q:

A subset of the database which contain virtual data that is derived from the database files but is not explicitly stored is called

A) Touple	B) View
C) Relation	D) Key

Answer & Explanation Answer: B) View

Explanation:

A view may be a subset of the database or it may contain virtual data that is derived from the database files but is not explicitly stored .

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Filed Under: Database
Job Role: Database Administration

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 ${(1.05)}^{5}$ = $1276.28

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

Q:

What periodic payment will an investor receive from a $9000, four-year, monthly payment GIC earning a nominal rate of 5.25% compounded monthly?

A) 29.38	B) 39.38
C) 49.38	D) 59.38

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