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Q:

A retirement benefit of $12,000 is to be paid every 6 months for 25 years at interest rate of 7% compounded semi-annually. Find

(a) the present value to fund the end-of-period retirement benefit.

(b) the end-of-period semi-annual payment needed to accumulate  the value in part (a) assuming regular investments for 30 years in an account yielding 8% compounded semi-annually

A) 245678 B) 234689
C) 281468.06 D) 234578
 
Answer & Explanation Answer: C) 281468.06

Explanation:

 

 

 

 

 

 

R=S[i/(1+i)^n-1]

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

Q:

For S = $21,000, payments (R) of $1500 at the end of each 6-month periodi= 10% compounded semi-annually. Find the minimum number of payments to accumulate 21,000.

A) 10 B) 11
C) 12 D) 13
 
Answer & Explanation Answer: B) 11

Explanation:

S=R[(1+i)^n-1)/i]

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

Q:

The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:

A) 2 B) 3
C) 4 D) 5
 
Answer & Explanation Answer: A) 2

Explanation:

Amount = Rs. (30000 + 4347) = Rs. 34347

(1+7/100)^n=34347

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Filed Under: Compound Interest
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Q:

Jaclyn buys $50 000 worth of debentures in a company. She earns 9.5% p.a. simple interest, paid to her quarterly (that is, every 3 months). If the agreed period of the debenture was 18 months: calculate the total amount collected at the end of the term.

A) 8125 B) 9125
C) 7125 D) 6125
 
Answer & Explanation Answer: C) 7125

Explanation:

total interest=1187.50*6

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

Q:

Jaclyn buys $50 000 worth of debentures in a company. She earns 9.5% p.a. simple interest, paid to her quarterly (that is, every 3 months). If the agreed period of the debenture was 18 months: calculate the amount of interest Jaclyn will earn for each quarter

A) 1187.50 B) 1234
C) 1289 D) 1345
 
Answer & Explanation Answer: A) 1187.50

Explanation:

I=(p x r x t)/100

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

Q:

What is the compound interest earned at the end of 3 years?

I. Simple interest earned on that amount at the same rate and for the same period is Rs. 4500.

II.The rate of interest is 10 p.c.p.a.

III.Compound interest for 3 years is more than the simple interest for that period by Rs.465.

A) I and II only B) II and III only
C) I and III only D) Either II or III only
 
Answer & Explanation Answer: D) Either II or III only

Explanation:

 

 

 

 

 

 

I. gives, S.I for 3 years = Rs. 4500.

 

 

 

II. gives, Rate = 10% p.a.

 

 

 

III. gives, (C.I.) - (S.I.) = Rs. 465.

 

 

 

Clearly, using I and III we get C.I. = Rs. (465 + 4500).

 

 

 

Thus, II is redundant.

 

 

 

Also, from I and II, we get sum =

 

 

 

100 x 4500

 

 

 

= 15000.

 

 

 

10 x 3

 

 

 

Now C.I. on Rs. 15000 at 10% p.a. for 3 years may be obtained.

 

 

 

Thus, III is redundant.

 

 

 

Either II or III is redundant.

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

Q:

The compound interest on a sum of money for 2 years is rs.832 and the simple interest on the same sum for the same period is rs.800 .the difference between the compound interest and simple interest for 3 years

A) Rs.48 B) Rs.66.56
C) Rs.98.56 D) None of these
 
Answer & Explanation Answer: C) Rs.98.56

Explanation:

difference in C.I and S.I in 2years =Rs.32

S.I for 1year =Rs.400

S.I for Rs.400 for one year =Rs.32

rate=[100*32)/(400*1)%=8%

difference between in C.I and S.I for 3rd year

=S.I on Rs.832= Rs.(832*8*1)/100=Rs.66.56

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Filed Under: Compound Interest
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Q:

The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:

A) 3years B) 2years
C) 4years D) 6years
 
Answer & Explanation Answer: B) 2years

Explanation:

Amount = Rs. (30000 + 4347) = Rs. 34347.

Let the time be n years.

Then, 30000*(1+7/100)^n=34347

n= 2 years

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