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Q:

Give an investment of $13200,compound amount of $22680.06 invested for 8 years,what is the interest rate if interest rate is compounded anually?

A) 6% B) 5%
C) 7% D) 8%
 
Answer & Explanation Answer: C) 7%

Explanation:

M = p(1+i)^n

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

0 3761
Q:

Find the time to double your investment at 6%

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

Explanation:

M=p(1+i)^n

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

1 3367
Q:

Given a principal of $12,000 with a compound amount of $17,631.94 and interest rate of 8% compounded anually,what is the time peroid in years?

A) 3years B) 4years
C) 5years D) 6years
 
Answer & Explanation Answer: C) 5years

Explanation:

M=P(1+i)^n

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Q:

Bob Kashir deposited $6000 in a 4-year certificate of deposite paying 5% compounded daily.He withdrew the money 15 months later.The passbook rate at his bank is 3.5 % compounded daily.Find his amount of interest

A) 5678 B) 4563
C) 4329 D) 6210.73
 
Answer & Explanation Answer: D) 6210.73

Explanation:

Bob receives 15-3 = 12 months of 3.5 % interest compounded daily

 

 

 

M=P(1+i/365)^365n

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0 3037
Q:

Find the compound amount if $1200 is deposited at 8% interest for 11 years if interest is compounded continuously

A) 1456 B) 1456
C) 1693.08 D) 1890
 
Answer & Explanation Answer: C) 1693.08

Explanation:

M=Pe^yr

 

2893.08

 

I=M-P

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0 2810
Q:

Find the compound amount if $2900 is deposited at 5% interest for 10 years if interest is compounded daily

A) 4781.13 B) 5781
C) 3456 D) 4567
 
Answer & Explanation Answer: A) 4781.13

Explanation:

M=P(1+i/365)^365n

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0 2547
Q:

$32000 is invested at 10% for 2 years.Find the interest compounded Yearly

A) 4720 B) 5720
C) 6720 D) 7720
 
Answer & Explanation Answer: C) 6720

Explanation:

M=P(1+i)^n

 

I=M-P

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0 2370
Q:

Example:$800 is invested at 7% for 6 years.Find the interest compounded anually?

A) 400.58 B) 300.58
C) 200.58 D) 100.58
 
Answer & Explanation Answer: A) 400.58

Explanation:

M=P(1+i)^n

 

I=M-P

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