Home › IBPS Clerk › Quantitative Aptitude › Interest › Compounding monthly for 30 years would need how …
Compounding monthly for 30 years would need how many periods?
A330
B390
C360
D300
Answer & Solution
Correct answer: C. 360
1. There are twelve months in a year.
2. The term runs for thirty years.
3. That gives 360 periods.
_Source: OpenStax, Contemporary Mathematics, Ch 6 'Money Management'_
Related questions
The total value of an investment after interest is added is its:Money the depositor earns from a bank account is also called:Using 360 rather than 365 days makes the interest charged:Some banks instead treat a year as having how many days?The day count convention described as Actual is paired with:For a loan quoted in days, the daily rate divides the annual rate by:A 6,000 rupee loan at 5 per cent for 2 years has a payoff of:A 10,000 rupee loan at 8 per cent for 3 years has a payoff of: