Basics of Financial Mathematics Test 6

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Basics of Financial Mathematics Test 6

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Weekly Quiz Competition

Question 1
1 / -0

An annuity left unpaid for a certain number of years is called ________ for that number of years.

A
Deferred Annuity

B
Uniform Annuity

C
Forborne Annuity

D
Immediate Annuity

Solution

An annuity left unpaid for a certain number of years is called forborne annuity for that number of years.
Question 2
1 / -0

The period of time for which the interest is calculated is called the.

A
Market period

B
Cooling period

C
Conversion period

D
None of the above

Solution

The period of time for which the interest is calculated is called conversion period.
Question 3
1 / -0

The compound interest on Rs. 50,000 at 4% per annum for two years compounded anually is :

A
$$4000$$

B
$$4080$$

C
$$4280$$

D
$$4050$$

Solution

C.I. = Amount - Principle
=> $$P((1+\dfrac{r}{100})^{T}_{} - 1)$$
CI = $$50,000(1+\dfrac{4}{100})^{2}_{} - 1)$$
C.I.= $$4080.$$
Question 4
1 / -0

If the simple interest on $$1700$$ rupees is $$340$$ rupees for $$2$$ years then the rate of interest must be:

A
$$12\ \%$$

B
$$15\ \%$$

C
$$4\ \%$$

D
$$10\ \%$$

Solution

Principle$$=Rs1700\quad\quad Time=2years$$

$$SI=Rs340\quad\quad Rate=?$$

$$ \cfrac{P\times R\times T}{100}=340$$

$$ \cfrac{1700\times R\times 2}{100}=340$$

$$R=\cfrac{340\times100}{1700\times2}$$

$$=\cfrac{340\times5}{170}=10\%$$
Question 5
1 / -0

What rate percent of S.I. will a sum of money double itself

A
1/2%

B
8.33%

C
both 1 &2

D
none of these

Solution

In case of simple Interest, total amount is $$ A = P \left( 1 + \dfrac{rt}{100} \right) $$
Where,
P = Principal
R = Rate
T = time
After 12 year sum of money double itself ?
that is A = 2 P
Now apply the formula
$$ A = P \left( 1 + \dfrac{r \times 12}{100} \right) $$
$$ 2P = P \left( 1 + \dfrac{r \times 12}{100} \right) $$
$$ 2 = 1 + \dfrac{ 12 r}{100} $$
$$ 1 = \dfrac{ 12 r}{100} \\ \therefore r = \dfrac{100}{12} = 8 \dfrac{1}{3} \%$$
Question 6
1 / -0

Tax money is used by ________________.

A
the common people to invest in technology and education

B
the government to invest in technology and education

C
not used

D
none of these

Solution

The federal taxes you pay are used by the government to invest in technology and education.
Question 7
1 / -0

A specialized agency of the UNO can claim refund of tax paid on ___________________.

A
Intra-State supply of goods and/or services

B
Inter-state supply of goods and/or services

C
Inward supply of goods and/or services

D
All of the above
Question 8
1 / -0

The difference between simple and compound interest on Rs. 5,000 for three years at the annual interest rate of 10% is

A
Rs. $$300$$

B
Rs. $$250$$

C
Rs. $$155$$

D
Rs. $$150$$

Solution

$$S.I =\cfrac{ P\times R \times n}{100} = \cfrac{5000 \times 10 \times 3}{100} = 1500$$
$$C.I = P(1+\cfrac{R}{100})^n - P = 5000[(1+\cfrac{10}{100})^3-1]=1655$$
$$\therefore C.I - S.I = 1655-1500 = 155$$
Question 9
1 / -0

A certain sum of money lent out at S.I. amounts to Rs. 6900 in 3 years and Rs. 7500 in 5 years. The sum lent is

A
Rs. 4000

B
Rs. 4500

C
Rs. 5000

D
Rs. 6000

Solution

S.I. for 2 years $$= (7500 - 6900) = Rs. 600$$
S.I. for 3 years $$= Rs. (\cfrac{600}{2}\times 3)$$
$$= Rs. 900$$
$$\therefore$$ Principal $$= Rs. (6900 - 900)$$
$$= Rs. 6000$$
Question 10
1 / -0

Rajan borrowed Rs. 50,000 from Rakesh at simple interest. After 3 years, Rakesh got Rs. 3000 more than what he had given to Rajan. What was the rate of interest per annum?

A
2%

B
5%

C
8%

D
10%

Solution

$$\Rightarrow$$ Here, we have $$P=Rs.50,000,\, T=3\, years$$ and $$S.I.=Rs.3000$$
$$\Rightarrow$$ $$Simple\, Interest=\dfrac{P\times R\times T}{100}$$

$$\Rightarrow$$ $$3000=\dfrac{50000\times R\times 3}{100}$$

$$\Rightarrow$$ $$R=\dfrac{3000\times 100}{50000\times 3}$$

$$\therefore$$ $$R=2\%$$

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Basics of Financial Mathematics Test 6

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Basics of Financial Mathematics Test 6

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SHARING IS CARING

Question 1

Deferred Annuity

Uniform Annuity

Forborne Annuity

Immediate Annuity

Solution

Question 2

Market period

Cooling period

Conversion period

None of the above

Solution

Question 3

$$4000$$

$$4080$$

$$4280$$

$$4050$$

Solution

Question 4

$$12\ \%$$

$$15\ \%$$

$$4\ \%$$

$$10\ \%$$

Solution

Question 5

1/2%

8.33%

both 1 &2

none of these

Solution

Question 6

the common people to invest in technology and education

the government to invest in technology and education

not used

none of these

Solution

Question 7

Intra-State supply of goods and/or services

Inter-state supply of goods and/or services

Inward supply of goods and/or services

All of the above

Question 8

Rs. $$300$$

Rs. $$250$$

Rs. $$155$$

Rs. $$150$$

Solution

Question 9

Rs. 4000

Rs. 4500

Rs. 5000

Rs. 6000

Solution

Question 10

2%

5%

8%

10%

Solution

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