JIPMAT 2023 (QA) - <p>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?</p> | PYQs + Solutions

JIPMAT 2023

Arithmetic

Simple & Compound Interest

Easy

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%

Correct Option: 3

Initial amount = ₹90000

Cost of items:

\newline

- A = ₹15000

\newline

- B = ₹13000

\newline

- C = ₹35000

\newline

Total = ₹63000

Amount in bank = ₹90000 - ₹63000 = ₹27000

After 2 years:

\newline

Bank amount = ₹27000(1 + 0.15)² = ₹27000 × 1.3225 = ₹35707.50

Selling price of items (80% of original):

\newline

- A = ₹12000

\newline

- B = ₹10400

\newline

- C = ₹28000

\newline

Total = ₹50400

Final total = ₹35707.50 + ₹50400 = ₹86107.50

Change = ₹86107.50 - ₹90000 = -₹3892.50

Percentage change =

\frac{-3892.50}{90000} × 100 = -4.325\%

Therefore, the total change in his asset is -4.325%