Quant Exam > Quant Questions > Michael Bolton has $90,000 with him. He purch...
Start Learning for Free
Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?
- a)-4.5%
- b)+3.5%
- c)-4.32%
- d)+5.5%
Correct answer is option 'C'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
Michael Bolton has $90,000 with him. He purchases a car, a laptop and ...
The final value would be: 0.8 x 63000 + 27000 x 1.15 x 1.15 = 86107.5. →Drop in value = 4.32%
Most Upvoted Answer
Michael Bolton has $90,000 with him. He purchases a car, a laptop and ...
Given:
Michael Bolton has $90,000 with him.
He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 respectively.
He 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.
To find: Total change in his asset.
Solution:
1. Total amount spent on purchasing three items:
Total amount spent = $15,000 + $13,000 + $35,000 = $63,000
2. Amount left after purchasing the three items:
Amount left = $90,000 - $63,000 = $27,000
3. Amount received after 2 years from the bank deposit:
Amount received = $27,000 * (1 + 15/100)^2 = $39,022.50
4. Amount received after selling the three items at 80% of their original price:
Amount received = 80/100 * ($15,000 + $13,000 + $35,000) = $48,800
5. Total change in Michael Bolton's asset:
Total change = (Amount received after selling the three items + Amount received from the bank deposit) - Initial amount = ($48,800 + $39,022.50) - $90,000 = $-2,177.50
6. Percentage change in Michael Bolton's asset:
Percentage change = (|Total change| / Initial amount) * 100 = (|-2177.50| / $90,000) * 100 = 2.42%
7. As the total change is negative, the percentage change is also negative.
Therefore, the correct answer is option 'C' (-4.32%).
Michael Bolton has $90,000 with him.
He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 respectively.
He 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.
To find: Total change in his asset.
Solution:
1. Total amount spent on purchasing three items:
Total amount spent = $15,000 + $13,000 + $35,000 = $63,000
2. Amount left after purchasing the three items:
Amount left = $90,000 - $63,000 = $27,000
3. Amount received after 2 years from the bank deposit:
Amount received = $27,000 * (1 + 15/100)^2 = $39,022.50
4. Amount received after selling the three items at 80% of their original price:
Amount received = 80/100 * ($15,000 + $13,000 + $35,000) = $48,800
5. Total change in Michael Bolton's asset:
Total change = (Amount received after selling the three items + Amount received from the bank deposit) - Initial amount = ($48,800 + $39,022.50) - $90,000 = $-2,177.50
6. Percentage change in Michael Bolton's asset:
Percentage change = (|Total change| / Initial amount) * 100 = (|-2177.50| / $90,000) * 100 = 2.42%
7. As the total change is negative, the percentage change is also negative.
Therefore, the correct answer is option 'C' (-4.32%).
|
Explore Courses for Quant exam
|
|
Similar Quant Doubts
Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer?
Question Description
Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer?.
Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer?.
Solutions for Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Quant.
Download more important topics, notes, lectures and mock test series for Quant Exam by signing up for free.
Here you can find the meaning of Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 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?a)-4.5%b)+3.5%c)-4.32%d)+5.5%Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Quant tests.
|
|
Explore Courses for Quant exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup