Question
An amount of Rs. 3,600 grows to Rs. 4,680 in 6 years under
simple interest at the rate of r% per annum. If Rs. 4,500 is invested at a rate of 1.8r% per annum for 4 years, what will be the interest earned?Solution
ATQ,
Interest earned in 6 years = 4680 – 3600 = Rs. 1,080
Simple interest = Sum invested × rate of interest × time period in years ÷ 100
So, 1080 = 3600 × r × 6 ÷ 100
Or, r = 1080 ÷ (6 × 36)
So, r = 5
So, new rate of interest = 1.8 × 5 = 9% p.a.
So, required interest = 4500 × 9 × 4 ÷ 100 = Rs. 1,620
Internal auditor is appointed by ________.
A firm projects cash inflows of ₹5 lakh in July and ₹7 lakh in August. It expects cash outflows of ₹6 lakh and ₹8 lakh respectively. If the open...
Which function in MS Excel is used to find the present value of an investment?
GAAP stands for:
Financial Instruments such as Call Money, commercial paper, Bills of exchange, T-Bills, are traded in which of the following market?
DuPont analysis is:
Standard material for 1 unit = 4 kg at ₹50/kg. For actual production of 1,200 units, actual material used was 4,800 kg costing ₹2,40,000. Calculate ...
As per RBI’s KYC/AML guidelines on wire transfers, the term “Beneficiary” refers to:
As per the RBI’s discussion paper on the introduction of the Expected Credit Loss (ECL) framework for provisioning by banks, to which category would t...
What is the key objective of standard costing?
