Question
Aman invested Rs. 6,500 in scheme ‘Alpha’ which
offered compound interest compounded annually at 10% per annum for 3 years. He also put Rs. ‘P’ in scheme ‘Beta’ at simple interest of 10% per annum for 5 years. If the interest gained from both investments is identical, what is the value of ‘P’?Solution
ATQ,
Interest from scheme ‘Alpha’ = 6500 × {1 + (10/100)}³ – 6500 = 6500 × (1.1)³ – 6500 = 6500 × 1.331 – 6500 = 8651.5 – 6500 = Rs. 2,151.5 According to the question: (P × 0.10 × 5) = 2151.5 Or, P = 2151.5 / 0.5 = Rs. 4,303
 Which of the following CANNOT be undertaken as a function by the India Post Payment Bank?
In India _______________ insurance is mandatory. Â
Which of the following is insurable?
Which is used to determine the actual cash value of property at time of loss?
Insurance premiums are payable in advance but the insurance company does not fully earn them until the policy period expires is termed as?
The Motor Vehicles Act, 1988 requires what document as proof of insurance?
Which is liability coverage for contents within a renter’s residence?
Why do insurers arrange for survey and inspection of the property before acceptance of a risk?Â
In case of ambiguity in policy wording, which rule is applied?
Name the first life insurance company to function in India?
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