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
Explanation:
Principal put in bank deposit
= 1,00,00,000 – 40,00,000 – 20,00,000 – 10,00,000
= Rs. 30,00,000
Amount after three years
= 3000000 × (1.12)3 = Rs. 42,14,784
Total gain after 3 years is 5%.
Total value = 10000000 × 1.05 = Rs. 1,05,00,000
10500000 − 4214784 = 6285216
Let x be the percentage at which he sold off the three items.
∴ x×7000000100 = 6285216
Solving this, x ≈ 90%
Hence, option (c).
Help us build a Free and Comprehensive Preparation portal for various competitive exams by providing us your valuable feedback about Apti4All and how it can be improved.