Question 6

Sumit has Rs. 90000 with him. He purchases three items A, B, and C for Rs. 15000, Rs. 13000, and Rs. 35000 respectively and puts the remaining money in a bank deposit that pays compound interest @15% per annum. After 2 years, he sells off the three items at 80% of their original price and also withdraws his entire money from the bank by closing the account. What is the total change in his asset?

Solution

Sumit has Rs. 90000 with him. He purchases three items, A, B, and C, for Rs. 15000, Rs. 13000, and Rs. 35000, respectively and puts the remaining money in a bank deposit that pays compound interest at 15% per annum.

Thus, he invests Rs $$90000-15000-13000-35000=27000$$ in a compound interest scheme.

After 2 years, he sells off the three items at 80% of their original price. Thus, the price of items after 2 years is Rs $$0.8\times63000=50400$$

After 2 years, the value compounded will be $$=27000\times\left(1+\frac{15}{100}\right)^2=35707.5$$

Total value after 2 years = Rs 86107.5

%age decrease $$=\dfrac{86107.5-90000}{90000}\times100=-4.325\%$$

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