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Q:

What is the probability that a leap year selected at random, will contain 53 sundays?

A) 1/7 B) 1/3
C) 2/7 D) 4/7
 
Answer & Explanation Answer: C) 2/7

Explanation:

In a leap year,there are 366 days=52 weeks and 2 days

Remaining favourable 2 days can be sunday and monday or saturday and sunday

Exhaustive number of cases =7

Favourable number of cases =2

So,required probability=2/7

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Filed Under: Probability

Q:

An amount of 5,000 is invested at a fixed rate of 8 per cent per annum. What amount will be the value of the investment in five years time, if the interest is compounded every six months?

A) 7401.22 B) 3456
C) 4567 D) 7890
 
Answer & Explanation Answer: A) 7401.22

Explanation:

With slight modifications, the basic formula can be made to deal with compounding at intervals other than annually.

 

Since the compounding is done at six-monthly intervals, 4 per cent (half of 8 per cent) will be added to the value on each occasion.

 

Hence we use r = 0.04. Further, there will be ten additions of interest during the five years, and so n = 10. The formula now gives:

 

V = P(1 + r)10 = 5,000 x (1.04)10 = 7,401.22

 

Thus the value in this instance will be £7,401.22.

 

In a case such as this, the 8 per cent is called a nominal annual

 

rate, and we are actually referring to 4 per cent per six months.

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

Q:

An amount of 5,000 is invested at a fixed rate of 8 per cent per annum. What amount will be the value of the investment in five years time, if the interest is compounded annually

A) 7346.64 B) 8346
C) 3456 D) 4567
 
Answer & Explanation Answer: A) 7346.64

Explanation:

The only part of this type of calculation that needs particular
care is that concerning the interest rate. The formula assumes that
r is a proportion, and so, in this case:
r = 0.08
In addition, we have P = 5,000 and n = 5, so:
V = P(1 + r)5 = 5,000 x (1 + 0.08)5 = 5,000 x 1.469328 = 7,346.64
Thus the value of the investment will be 7,346.64

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

Q:

Calculate the effective interest rate of a 10% annual rate compounded continuously.

A) 9.52% B) 10.52%
C) 11.52% D) 12.52%
 
Answer & Explanation Answer: B) 10.52%

Explanation:

E=e^i-1

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

Q:

Calculate the effective interest rate compounded quarterly of a 13% annual rate.

A) 13.65% B) 14.665%
C) 15.65% D) 16.65%
 
Answer & Explanation Answer: A) 13.65%

Explanation:

E=(1+i/n)^n-1

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

Q:

A man bought 20 shares of Rs. 50 at 5 discount, the rate of dividend being 13 12 . The rate of interest obtained is:

A) 13% B) 12
C) 15% D) 16%
 
Answer & Explanation Answer: C) 15%

Explanation:

Investment = Rs. [20 x (50 - 5)] = Rs. 900. 

 

Face value = Rs. (50 x 20) = Rs. 1000.

 

Dividend   = Rs.272*1000100=Rs.135 

 

Interest obtained = 135900*100 % = 15%

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Filed Under: Stocks and Shares

Q:

Find the annual interest rate that produces $100,000 from $20,000 in 15 years.

A) 9.33% B) 10.33%
C) 11.33% D) 12.33%
 
Answer & Explanation Answer: C) 11.33%

Explanation:

l=(F/P)^1/n-1

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

Q:

What is the probability that a couple with four children have atleast one girl?

A) 0.0625 B) 0.9375
C) 0.5 D) 0.0257
 
Answer & Explanation Answer: B) 0.9375

Explanation:

Here,n = 4(children)

P(girl)= 0.5

P(of atleast one girl)= 1 - P(no girls)

                             = 1 - 0.0625 = 0.9375

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Filed Under: Probability