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Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items is
- a)60 percent
- b)75 percent
- c)90 percent
- d)105 percent
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Three years ago, your close friend had won a lottery of Rs. 1 crore. H...
►Money spent on flat = 40 lakhs.
►Money spent on car = 20 lakh
►Money spent on shares = 10 lakh
►Total money = 1 crore = 100 lakh
►Money deposited in Bank = 100 - 40 - 20 - 10 = 100 - 70 = 30 lakh
►Final amount in Bank after 3 years = 30 x (1.12)3 = 42.14 lakh
►Net worth after 3 years = 105 lakh
►∴ Worth of Flat + Car + Shares after 3 years = 105 - 42.14 = 62.85
►So closest worth of three items = 
Most Upvoted Answer
Three years ago, your close friend had won a lottery of Rs. 1 crore. H...
Solution:
Given,
Lottery won = Rs. 1 crore
Amount spent on flat = Rs. 40 lakhs
Amount spent on car = Rs. 20 lakhs
Amount spent on shares = Rs. 10 lakhs
Remaining amount put in the bank deposit at 12% p.a.
Total gain in assets = 5%
To find: Approximate percentage of the original value at which he sold off the three items
Calculations:
Total amount spent on flat, car and shares = Rs. 40 lakhs + Rs. 20 lakhs + Rs. 10 lakhs = Rs. 70 lakhs
Amount remaining after deducting the above expenses = Rs. 1 crore - Rs. 70 lakhs = Rs. 30 lakhs
After three years, the amount in the bank deposit will be:
Amount = P(1 + R/100)^t
Where,
P = Principal amount = Rs. 30 lakhs
R = Rate of interest = 12%
T = Time period = 3 years
Amount = 30(1 + 12/100)^3
Amount = Rs. 42.2 lakhs (approx.)
Total amount at present = Rs. 40 lakhs + Rs. 20 lakhs + Rs. 10 lakhs + Rs. 42.2 lakhs = Rs. 1.12 crores
Total gain in assets = 5%
New total amount = 1.05 * 1.12 crores = Rs. 1.176 crores
Amount received on selling flat, car and shares = 1.176 - 0.42 = Rs. 0.756 crores
Percentage of original value at which he sold off the three items = (0.756/0.7) * 100 = 108% (approx.)
Therefore, the closest approximate percentage of the original value at which he sold off the three items is 90%.
Given,
Lottery won = Rs. 1 crore
Amount spent on flat = Rs. 40 lakhs
Amount spent on car = Rs. 20 lakhs
Amount spent on shares = Rs. 10 lakhs
Remaining amount put in the bank deposit at 12% p.a.
Total gain in assets = 5%
To find: Approximate percentage of the original value at which he sold off the three items
Calculations:
Total amount spent on flat, car and shares = Rs. 40 lakhs + Rs. 20 lakhs + Rs. 10 lakhs = Rs. 70 lakhs
Amount remaining after deducting the above expenses = Rs. 1 crore - Rs. 70 lakhs = Rs. 30 lakhs
After three years, the amount in the bank deposit will be:
Amount = P(1 + R/100)^t
Where,
P = Principal amount = Rs. 30 lakhs
R = Rate of interest = 12%
T = Time period = 3 years
Amount = 30(1 + 12/100)^3
Amount = Rs. 42.2 lakhs (approx.)
Total amount at present = Rs. 40 lakhs + Rs. 20 lakhs + Rs. 10 lakhs + Rs. 42.2 lakhs = Rs. 1.12 crores
Total gain in assets = 5%
New total amount = 1.05 * 1.12 crores = Rs. 1.176 crores
Amount received on selling flat, car and shares = 1.176 - 0.42 = Rs. 0.756 crores
Percentage of original value at which he sold off the three items = (0.756/0.7) * 100 = 108% (approx.)
Therefore, the closest approximate percentage of the original value at which he sold off the three items is 90%.
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Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer?
Question Description
Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer?.
Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer?.
Solutions for Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT.
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Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Three years ago, your close friend had won a lottery of Rs. 1 crore. He purchased a flat for Rs. 40 lakhs, a car for Rs. 20 lakhs and shares worth Rs. 10 lakhs. He put the remaining money in a bank deposit that pays compound interest @ 12 percent per annum. If today, he sells off the flat, the car and the shares at certain percentage of their original value and withdraws his entire money from the bank, the total gain in his assets is 5%. The closest approximate percentage of the original value at which he sold off the three items isa)60 percentb)75 percentc)90 percentd)105 percentCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice CAT tests.
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