- House rent (45 % )
- Utilities Allowance ( 10%)
- Medical/Group insurance (5%)
- Social charges ( 9%)
You also have to decide that which of these allowances/benefits are on basic salary and which are on gross salary (based on handouts/lectures). Percentage amount is mentioned against each allowances/benefits.
Question 2: The price of an item decreased from Rs. 760 to Rs. 700. What is the percentage change in the price of item?
Question 3: Suppose you take loan from a bank of amount Rs. 85000 at 6% interest compounded bi-annually/semiannually for three years. Find the compound interest.
Also solve the same question when
- Compounded annually.
- Compounded monthly
Question 4: Calculate the accumulated value if you deposit Rs. 8000 at the end of each year for the next 10 years? Assume an interest of 5% compounded annually.
Question 5: If you have two cars and in one car you fill up 15 liters of gasoline and in second car you fill up 5 liter of petrol. You pay Rs. 1510 for both filling. The price of gasoline (per liter) is Rs. 42 less that the price of petrol. Find the price per liter of gas and petrol.
Hint: Use matrices to solve the question.
Question 6: Why the inverse of following matrix is not possible
Question 7: Find the inverse of following matrix using MS Excel
Question 8: Find amount of markup and selling price on an item that costs Rs. 3600 if there is a 20% markup on cost
Question 9: An item sells for 1200. If the markup on the cost is 18%, find the cost and the amount of the markup on sale.
Question 10: An item that cost for Rs. 1300 was marked up 18 % of the selling price. After some time the item is markdown 20 %. Calculate the sale price after markdown.
Idea Solution :
Question 10:
An item that cost for Rs. 1300 was marked up 18 % of the selling price. After some time the item is markdown 20 %. Calculate the sale price after markdown.
Answer
- Cost price = Rs. 1300
- Markup on cost(MUC) = 18%
- Markdown on sale = 20%
Selling Price = Cost price + (Cost price × %Markup on cost)
Selling Price = Cost price (1 + %Markup on cost)
Selling Price = 1300 (1 + 0.18)
Selling Price = 1300 (1.18)
Selling Price = Rs. 1534
Rs. Markup = Selling Price – Cost Price
Rs. Markup = 1534 – 1300
Rs. Markup = Rs. 234
New selling price = Current selling price – (Current selling price × %markdown)
New selling price = Current selling price (1 - %markdown)
New selling price = 1534 (1 – 0.20)
New selling price = 1534 (0.80)
New selling price = Rs. 1227.2
Question 9:
An item sells for 1200. If the markup on the cost is 18%, find the cost and the amount of the markup on sale.
Answer
- Selling price = Rs. 1200
- Markup on cost(MUC) = 18%
Selling Price = Cost price + (Cost price × %Markup on cost)
Selling Price = Cost price (1 + %Markup on cost)
Cost Price = Selling price / (1 + %Markup on cost)
Cost Price = 1200 / (1 + 0.18)
Cost Price = 1200 / (1.18)
Cost Price = Rs. 1016.95
Rs. Markup = Selling Price – Cost Price
Rs. Markup = 1200 – 1016.95
Rs. Markup = Rs. 183.05
Question 7:
Find the inverse of following matrix using MS Excel
5 9 3
7 1 8
1 2 4
Solution
Data
|
Data
|
Data
| |
5
|
9
|
3
| |
7
|
1
|
8
| |
1
|
2
|
4
| |
0.06
|
0.15
|
-0.34
| |
0.10
|
-0.08
|
0.09
| |
-0.06
|
0.00
|
0.29
|
Question 6:
Why the inverse of following matrix is not possible
1 3 1
2 2 7
3 3 9
3 1 1
Answer
In order to have the inverse of a matrix, the matrix must be a square (nxn) matrix. In this case it is not a square matrix because it has the dimension of 4x3.
Question 4:
Calculate the accumulated value if you deposit Rs. 8000 at the end of each year for the next 10 years? Assume an interest of 5% compounded annually.
Answer
- Payment per period (C) = Rs. 8,000
- Interest rate (i) = 5%
- Number of payments = 10
FV Ordinary Annuity = C * [(1+i)n – 1/i]
= 8,000 * [(1+0.05)10 – 1/0.05]
= 8,000 * [(1.05)10 – 1/0.05]
= 8,000 * [1.6289 – 1/0.05]
= 8,000 * [0.6289 / 0.05]
= 8,000 * 12.578
= 100,624
