Curioustab

Home » Aptitude » Compound Interest

Mr. and Mrs. Espedido’s property taxes, amounting to $2450, are due on July 1.What amount should the city accept if the taxes are paid eight months in advance and the city can earn 6% compounded monthly on surplus funds?

2354.17
2354
2376
2389

Correct Answer: 2354.17

Explanation:

i=j/m

PV= FV(1+ i)^-n

← Previous Question Next Question→

More Questions from Compound Interest

Two payments of $10,000 each must be made one year and four years from now. If money can earn 9% compounded monthly, what single payment two years from now would be equivalent to the two scheduled payments?
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?
If Rs. 10000 amounts to Rs. 11664 invested in compound interest(compounded annually) for two years then the annual rate of compound interest is
At what rate of compound interest per annum will a sum of Rs 20000 become Rs 25088 in 2 years?
In what time(in years) will Rs. 8000 amount to Rs. 9261 at 5% per annum, compounded annually?
The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 5% per annum is Rs 45. The sum is
A sum of money is invested at 20% compound interest (compounded annually). It would fetch Rs. 723 more if interest is compounded half-yearly. The sum
What is the compound interest earned on Rs 80,000 at 40% per annum in 1 year compounded quarterly?
The amount received at 10% per annum compound interest after 3 yrs is Rs 10,648. What was the principal (in Rs)?
A bank offers 15% compound interest per half year. A customer deposits Rs 8800 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is _____.

Discussion & Comments

No comments yet. Be the first to comment!

Join Discussion