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…
Question and options
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?
- -4.152%
- 3.152%
- -4.325%
- 5.552%
Answer and explanation
Correct answer: C - -4.325%
Items cost 15000+13000+35000 = 63000, leaving 27000 in the bank: 27000*1.15^2 = 35707.5. Items sold at 80% = 50400. Total = 86107.5, a change of -3892.5/90000 = -4.325%.
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