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Home Aptitude Compound Interest See What Others Are Saying!
  • Question
  • If you deposit $4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years ?


  • Options
  • A. 3387.42
  • B. 4387.42
  • C. 5387.42
  • D. 6387.42

  • Correct Answer
  • 5387.42 

    Explanation

    The mathematical formula for calculating compound interest depends on several factors. These factors include the amount of money deposited called the principal, the annual interest rate (in decimal form), the number of times the money is compounded per year, and the number of years the money is left in the bank.

      F V = p 1 + r n n t

     

    FV = Future value of the Deposit

     

    p = Principal or Amount of Money deposited

     

    r = Annual Interest Rate (in decimal form )

     

    n = No of times compounded per year

     

    t = time in years

    F V = 4000 1 + 0 . 06 4 4 ( 5 ) = 5387.42

  • Tags: Bank Exams, Bank PO

    More questions

    • 1. 
      Shankara buys a watch for Rs. 1,950 in cash and sells it for Rs. 2,200 at a credit of 1 year. If the rate of interest is 10% per annum, he _____ :

    • Options
    • A. gains Rs. 55
    • B. gains Rs. 50
    • C. loses Rs. 30
    • D. gains Rs. 30
    • Discuss
    • 2. 
      ABCD is a rhombus with ? ABC = 56°, then ? ACD is equal to :

    • Options
    • A. 90°
    • B. 60°
    • C. 56°
    • D. 62°
    • Discuss
    • 3. 
      The shaded region represents

    • Options
    • A. y ? x
    • B. y ? ? x
    • C. y ? x
    • D. y ? ? x
    • Discuss
    • 4. 
      45 x? = 25% of 900

    • Options
    • A. 16.20
    • B. 4
    • C. 5
    • D. 500
    • Discuss
    • 5. 
      Rajan sold an articles for ? 6000 at a loss of 25%. Find the cost price.?

    • Options
    • A. ? 7500
    • B. ? 7200
    • C. ? 8000
    • D. ? 8500
    • Discuss
    • 6. 
      In which of the following cases, A = B?

    • Options
    • A. A = {12, 14, 16}, B = {16, 18, 20}
    • B. A = ?, b = {}
    • C. A = {x: x ? W and x < 1}, B = ?
    • D. A = {x: x is a day of the week beginning with S}, B = {Sunday}
    • Discuss
    • 7. 10, 25, 45, 54, 60, 75, 80

    • Options
    • A. 10
    • B. 45
    • C. 54
    • D. 75
    • Discuss
    • 8. 
      If two parallel lines are intersected by a transversal, then the bisectors of the two pairs of interior angles enclose a:

    • Options
    • A. Trapezium
    • B. Rectangle
    • C. Square
    • D. circle
    • Discuss
    • 9. 
      ?. 6x 2 + 77x + 121 = 0
      ?. y 2 + 9y ? 22 = 0

    • Options
    • A. 1
    • B. 2
    • C. 3
    • D. 4
    • Discuss
    • 10. 
      The length of minute hand of a wall clock is 7 cms. The area swept by minute hand in 30 minutes is?

    • Options
    • A. 147 sq. cm
    • B. 210 sq. cm
    • C. 154 sq. cm
    • D. 77 sq. cm
    • Discuss


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