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  • Question
  • Simon deposits $400 in an account that pays 3% interest compounded annually. What is the balance of Simon?s account at the end of 2 years?


  • Options
  • A. 424.36
  • B. 524.56
  • C. 545.36
  • D. 456.36

  • Correct Answer
  • 424.36 

    Explanation

    I=Prt

     

    I=12

     

    Balance = P +Prt

     

    412

     

    Find the balance at the end of the second year.

     

    I = Prt=12.36

     

    Balance =P + Prt

     

    424.36

  • Tags: Bank Exams, Bank PO

    Compound Interest problems


    Search Results


    • 1. You deposit $300 in a savings account that pays 4% simple annual interest. Find your account balance after 9 months.

    • Options
    • A. 309
    • B. 409
    • C. 609
    • D. 509
    • Discuss
    • 2. How much money would you need to deposit today at 9% annual interest compounded monthly to have $12000 in the account after 6 years?

    • Options
    • A. 9007
    • B. 4007
    • C. 7007.08
    • D. 8oo7
    • Discuss
    • 3. If you deposit $6500 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years?

    • Options
    • A. 11358.24
    • B. 12334
    • C. 15789
    • D. 12386
    • Discuss
    • 4. An amount of money was lent for 3 years. What will be the difference between the simple and the compound interest earned on it at the same rate? I. The rate of interest was 8 p.c.p.a. II. The total amount of simple interest was Rs. 1200

    • Options
    • A. I alone sufficient while II alone not sufficient to answer
    • B. alone sufficient while I alone not sufficient to answer
    • C. Both I and II are not sufficient to answer
    • D. Both I and II are necessary to answer
    • Discuss
    • 5. The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?

    • Options
    • A. 8
    • B. 10
    • C. 12
    • D. 14
    • Discuss
    • 6. Jackie deposits $325 in an account that pays 4.1% interest compounded annually. How much money will Jackie have in her account after 3 years?

    • Options
    • A. 346.64
    • B. 356.64
    • C. 366.64
    • D. 376.64
    • Discuss
    • 7. Find the annual interest rate that produces $100,000 from $20,000 in 15 years.

    • Options
    • A. 9.33%
    • B. 10.33%
    • C. 11.33%
    • D. 12.33%
    • Discuss
    • 8. Calculate the effective interest rate compounded quarterly of a 13% annual rate.

    • Options
    • A. 13.65%
    • B. 14.665%
    • C. 15.65%
    • D. 16.65%
    • Discuss
    • 9. Calculate the effective interest rate of a 10% annual rate compounded continuously.

    • Options
    • A. 9.52%
    • B. 10.52%
    • C. 11.52%
    • D. 12.52%
    • Discuss
    • 10. 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

    • Options
    • A. 7346.64
    • B. 8346
    • C. 3456
    • D. 4567
    • Discuss


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