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Q:

15 semiannual payments are made into a sinking fund at 7% compounded semiannually so that $4850 will be present. Find the amount of each payment rounded to the nearest cent

A) 251.35 B) 245.45
C) 235.87 D) 251
 
Answer & Explanation Answer: A) 251.35

Explanation:

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

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Filed Under: Compound Interest
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Q:

Sharon Stone deposits $500 at the beginning of each 3 months in an account earning 10% compounded quarterly. Determine how much money she has after 25 years

A) 22681.19 B) 23456
C) 44577 D) 25685
 
Answer & Explanation Answer: A) 22681.19

Explanation:

 

 

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

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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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Q:

What is the difference between the compound interests on Rs. 5000 for 1 1/2  years at 4% per annum compounded yearly and half-yearly?

A) 2.04 B) 3.04
C) 4.04 D) 5.04
 
Answer & Explanation Answer: A) 2.04

Explanation:

C.I. when interest
compounded yearly=rs.[5000*(1+4/100)(1+1/2*4/100)]

= Rs. 5304.

C.I. when interest is
compounded half-yearly=rs.5000(1+2/100)^3

= Rs. 5306.04
Difference = Rs. (5306.04 - 5304) = Rs. 2.04

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Filed Under: Compound Interest
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Q:

What is the probability of getting a sum 9 from two throws of a dice ?

A) 1/6 B) 1/2
C) 1/9 D) 3/4
 
Answer & Explanation Answer: C) 1/9

Explanation:

In two throws of a die, n(s)=(6 x 6)=36

 

let E= Event of geting a sum 9={(3,6),(4,5),(5,4),(6,3)}

 

P(E) = n(E)/n(S) = 4/36 = 1/9

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Q:

In a simultaneous throw of two dice, what is the probability of getting a total of 7 ?

A) 1/6 B) 1/4
C) 1/20 D) 3/4
 
Answer & Explanation Answer: A) 1/6

Explanation:

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Q:

The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs.) is:

A) 625 B) 635
C) 645 D) 655
 
Answer & Explanation Answer: A) 625

Explanation:

Let the sum be Rs. x. Then

C.I=x[1+4/100)^2-x]=[626/675x-x]

S.I=x^2/25

C.I-S.I=1

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Q:

In a simultaneous throw of two dice, what is the probability of getting a doublet ?

A) 1/6 B) 1/3
C) 4/7 D) 4/5
 
Answer & Explanation Answer: A) 1/6

Explanation:

In a simultaneous throw of two dice, n(S) = 6 x 6 = 36

 

Let E = event of getting a doublet = { (1,1), (2,2), (3,3), (4,4), (5,5), (6,6)}

 P(E)=n(E)n(S)=636=16

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Filed Under: Probability