Self Studies

Basics of Financial Mathematics Test 34

Result Self Studies

Basics of Financial Mathematics Test 34
  • Score

    -

    out of -
  • Rank

    -

    out of -
TIME Taken - -
Self Studies

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Self Studies Self Studies
Weekly Quiz Competition
  • Question 1
    1 / -0
    An annuity is?
    Solution
    An annuity is 
    (1)(1)A fixed sum
    (2)(2) Paid at regular intervals
    (3)(3)Under certain stated conditions.
  • Question 2
    1 / -0
    Mrs. S deposited Rs. 1,00,0001,00,000 in a nationalized bank for 33 years. If the rate of interest is 7%7\% p.a., Interest is compounded annually. Calculate the amount at the end of third year (i.e., Principal ++ compound interest)
    Solution
    Interest for the1st1^{ st } year =Rs.100000×1×7100=Rs.7000= Rs.\dfrac { 100000\times 1\times 7 }{ 100 } =Rs. 7000

    Amount after the1st1^{ st } year =Rs.100000+Rs.7000=Rs.107000= Rs. 100000 + Rs.7000= Rs. 107000

    Interest for the 2nd2^{nd} year =Rs.107000×1×7100=Rs.7490= Rs.\dfrac{107000\times 1\times 7}{100} = Rs.7490

    Amount after the 2nd2^{nd} year =Rs.107000+Rs.7490=Rs.114490= Rs. 107000 + Rs. 7490 = Rs. 114490

    Interest for the3rd3^{ rd } year =Rs.114490×1×7100=Rs.8014.3= Rs. \dfrac { 114490\times 1\times 7 }{ 100 } = Rs. 8014.3

    \therefore Amount at the end of the 3rd3^{rd} year =Rs.114490+Rs.8014.3=Rs.122504.30= Rs. 114490+ Rs. 8014.3= Rs. 122504.30
  • Question 3
    1 / -0
    A sum of Rs. 1,2001,200 becomes Rs. 1,3231,323 in 22 years at compound interest compounded annually. Find the rate per cent.
    Solution
    Let r% be rate per annum, then,
    1323=1200(1+r100)21323 = 1200(1 + \cfrac{r}{100})^2
        13231200=(1+r100)2\implies \cfrac{1323}{1200} = (1+\cfrac{r}{100})^2
        13231200=(1+r100)\implies \sqrt{\cfrac{1323}{1200}} = (1+\cfrac{r}{100})
        1.05=(1+r100)\implies 1.05 = (1+\cfrac{r}{100})
        r100=1.051=0.05\implies \cfrac{r}{100} = 1.05 - 1 = 0.05
        r=100×0.05=5\implies r= 100 \times 0.05 = 5%
  • Question 4
    1 / -0
    Find the compound interest for Rs. 1,0001,000 for 44 years at 5%5\% p.a. When the interest is compounded annually.
    Solution
    Interest for first year =1000×5×1100=50 =\cfrac{1000 \times 5 \times 1}{100} = ₹50
    Amount after first year =1000+50=1050= 1000+50=₹1050
    Interest for second year =1050×5×1100=52.5= \cfrac{1050 \times 5 \times 1}{100} = ₹52.5
    Amount after second year  =1050+52.5=1102.5= 1050+52.5=₹1102.5
    Interest for third year =1102.5×5×1100=55.125= \cfrac{1102.5 \times 5 \times 1}{100} = ₹55.125
    Amount after third year  =1102.5+55.125=1157.625= 1102.5+55.125=₹1157.625
    Interest for fourth year =1157.625×5×1100=57.88125= \cfrac{1157.625 \times 5 \times 1}{100} = ₹57.88125
    Amount after fourth year =1157.625+57.88125=1215.50625= 1157.625+57.88125=₹1215.50625
    Compound interest =1215.506251000=215.50625=215=1215.50625 - 1000 = 215.50625 = ₹215
  • Question 5
    1 / -0
    Tanishka deposited Rs. 50,00050,000 in a bank for two years with the interest rate of 5.5%5.5\% p.a. How much interest would she earn?
    Solution
    Interest=50000×2×5.5100=5500 Interest = \cfrac{ 50000 \times 2 \times 5.5 }{100} = 5500
  • Question 6
    1 / -0
    The S.I. accrued on an amount of Rs. 25,00025,000 at the end of three years is Rs. 7,5007,500. What would be the C.I. accrued on the same amount at the same rate in the same period?
    Solution
    Apply the formula for simple interest

    7500=25000×R×31007500=\dfrac{25000\times R\times3}{100}

        R=7500250×3=10%\implies R=\dfrac{7500}{250\times3}=10\%

    Interest for the 11st year=25000×10×1100=\dfrac{25000\times10\times1}{100}
    =2500=2500

    Amount After the 11st year=25000+=25000+25002500
    =27500=27500
    Interest for the 22nd year=27500×10×1100=\dfrac{27500\times10\times1}{100}
    =2750=2750

    Amount After the 22nd year=27500+=27500+27502750
    =30250=30250
    Interest for the 33rd year=30250×10×1100=\dfrac{30250\times10\times1}{100}
    =3025=3025

    Amount After the 33rd year=30250+=30250+30253025
    =33275=33275

    \thereforeCompound Interest(CI)=33275=33275-2500025000
    =Rs.8275=Rs.8275
  • Question 7
    1 / -0
    What will be the C.I. on a sum of Rs. 25,00025,000/- after 33 years at the rate of 12%12\%p.a?
    Solution
    P=25000P=25000
    T=3yearsT=3years
    R=12%paR=12\%pa
    A=P(1+R100)TA=P(1+\frac{R}{100})^T
    =>A=25000(1+12100)3=>A=25000(1+\frac{12}{100})^3
    =25000(2825)3=25000(\frac{28}{25})^3
    =35123.2=35123.2
    I=API=A-P
    =35123.225000=35123.2-25000
    II=Rs.10123.2=Rs.10123.2
  • Question 8
    1 / -0
    Which of the following is not an effect of simplification of procedural aspects in Taxation?
    Solution

  • Question 9
    1 / -0
    If P=Rs.1,000P=Rs. 1,000, R=5%=5\%, p.a., n=4n=4; What is amount and CI?
    Solution
    P=RsP=Rs 10001000, R=5%R=5\% p.a.p.a., n=4n=4
    Interest for the 1st1^{st} year =Rs= Rs 1000×5×1100=Rs\cfrac{1000\times 5\times 1}{100}= Rs 5050
    Amount after 1st1^{st} year =Rs= Rs 1000+Rs1000+ Rs 50=Rs50=Rs 10501050
    Interest for the 2nd2^{nd} year =Rs= Rs 1050×5×1100=Rs\cfrac{1050\times 5\times 1}{100}= Rs 52.552.5
    Amount after 2nd2^{nd} year =Rs= Rs 1050+Rs1050+ Rs 52.5=Rs52.5=Rs 1102.51102.5
    Interest for the 3rd3^{rd} year =Rs= Rs 1102.5×5×1100=Rs\cfrac{1102.5\times 5\times 1}{100}= Rs 55.12555.125
    Amount after 3rd3^{rd} year =Rs= Rs 1102.5+Rs1102.5+ Rs 55.125=Rs55.125=Rs 1157.6251157.625
    Interest for the 4th4^{th} year =Rs= Rs 1157.625×5×1100=Rs\cfrac{1157.625\times 5\times 1}{100}= Rs 57.8812557.88125
    Amount after 1st1^{st} year =Rs= Rs 1157.625+Rs1157.625+ Rs 57.88125=Rs57.88125=Rs 1215.501215.50
    \therefore Compound Interest =Rs=Rs 1215.50Rs1215.50-Rs 1000=Rs1000=Rs 215.50215.50
  • Question 10
    1 / -0
    Which of the following is not part of the Taxation Reforms in 1991?
    Solution

Self Studies
User
Question Analysis
  • Correct -

  • Wrong -

  • Skipped -

My Perfomance
  • Score

    -

    out of -
  • Rank

    -

    out of -
Re-Attempt Weekly Quiz Competition
Self Studies Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Self Studies
Click on Allow to receive notifications
Allow Notification
Self Studies
Self Studies Self Studies
To enable notifications follow this 2 steps:
  • First Click on Secure Icon Self Studies
  • Second click on the toggle icon
Allow Notification
Get latest Exam Updates & FREE Study Material Alerts!
Self Studies ×
Open Now