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07 Jan 2022, 22:58
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
95%
(hard)
Question Stats:
53% (02:44) correct
47%
(02:29)
wrong
based on 123
sessions
History
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Time
Result
Not Attempted Yet
A man buys a scooter on making a cash down payment of $ 16224 and promises to pay two more yearly installments of equivalent amount in next two years. If the rate of interest is 4% per annum, compounded yearly, the cash value of the scooter, is:
A) $40000
B) $46824
C) $46000
D) $50000
Posted from my mobile device
A) $40000
B) $46824
C) $46000
D) $50000
Posted from my mobile device
08 Jan 2022, 01:27
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Answer is B.
The man paid 16224 three times (inclusive of interest), means he paid 48672 in total. Therefore, cash value of the scooter will be lower than this amount.
Eliminate D.
Interest rate is 4%, also time period is only 2 years (compounding won't have a much effect). So, the cash value should be lesser than 48672 but close to it.
The man paid 16224 three times (inclusive of interest), means he paid 48672 in total. Therefore, cash value of the scooter will be lower than this amount.
Eliminate D.
Interest rate is 4%, also time period is only 2 years (compounding won't have a much effect). So, the cash value should be lesser than 48672 but close to it.
