MTH302 Business Mathematics & Statistics Assignment No 01 Fall 2019 Solution & Discussion
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MTH302 Business Mathematics and Statistics Assignment 1 Solution Fall 2019
Assignment # 1 MTH302 (Fall 2019)
Total Marks: 20 Due Date: November 20, 2019.
DON’T MISS THESE: Important instructions before attempting the solution of this assignment:
Q1: Payments of $ 670 are being made at the end of each month for 5 years at an interest of 8% compounded monthly. Calculate the Present Value.
Q2 : Suppose Mr. Arslan’s basic salary is Rs 12000. Calculate the allowances (House rent, utility bills, conveyance allowance). Also, find the provident fund and gratuity.
MTH302 Solution
Q1: Payments of $ 670 are being made at the end of each month for 5 years at an interest of 8% compounded monthly. Calculate the Present Value.
Present value formula:
P.V = fv/ (1+i) ^n
FV = $670
Period = n = 5 years è as interest compounded monthly so, n = 5 x 12 = 60 months
Interest rate = i = 8% è to calculate interest rate per period 8%/12 = 0.0066
P.V = 670/ (1+0.0066)^{60}
P.V = $451.71 on monthly compounded basis.
Q2: Suppose, Mr. Arsalan’s basic salary is 12,000/-. Calculate the allowances (House rent, Utility bills, Conveyance allowance). Also, find the provident fund and gratuity?
Basic Salary = 12,000/-
First, we need to calculate each allowance amount.
12,000 x 45% = 5400/-
12,000 x 2.5% = 300/-
12,000 x 2.5% = 300/-
Now total allowance = house rent + Utility Bills + Conveyance allowance
= 5400 + 300 +300
TOTAL ALLOWANCE = 6000/-
Now finding Provident fund amount and gratuity,
Provident fund = 1/11 x 12,000
= 1091/- but v also know that same amount of Provident fund also contributed by the company so, 1091+1091 = 2181/-
Provident fund = 2181/-
Gratuity fund = 1/11x 12,000
Gratuity fund = 1091/-
MTH302 Assignment#01 Solution Fall 2019
Link below
MTH302 Assignment#01 Solution Fall 2019
If an employee deposits Rs. 2,000 at the end of each year into his company’s plan which pays 7% interest compounded quarterly, how much will he have in the account at the end of 5 years?
Answer :
Employee will earn 8400 at the end of 5 years.
Waiting comments relating to question …!
MTH302 Assignment No.1 Solution Fall 2019
Q1: Payments of $ 670 are being made at the end of each month for 5 years at an interest of 8% compounded monthly. Calculate the Present Value.
Present value formula:
P.V = fv/ (1+i) ^n
FV = $670
Period = n = 5 years è as interest compounded monthly so, n = 5 x 12 = 60 months
Interest rate = i = 8% è to calculate interest rate per period 8%/12 = 0.0066
P.V = 670/ (1+0.0066)60
P.V = $451.71 on monthly compounded basis.
Q2: Suppose, Mr. Arsalan’s basic salary is 12,000/-. Calculate the allowances (House rent, Utility bills, Conveyance allowance). Also, find the provident fund and gratuity?
Basic Salary = 12,000/-
First, we need to calculate each allowance amount.
House Rent: As v know house rent is 45% of basic salary so,
12,000 x 45% = 5400/-
Utility Bills: As v know Utility is 2.5% of basic salary so,
12,000 x 2.5% = 300/-
Conveyance allowance: As v know conveyance is 2.5% of basic salary so,
12,000 x 2.5% = 300/-
Now total allowance = house rent + Utility Bills + Conveyance allowance
= 5400 + 300 +300
TOTAL ALLOWANCE = 6000/-
Now finding Provident fund amount and gratuity,
Provident Fund: V all know Provident fund is 1/11th of basic salary so in this scenario,
Provident fund = 1/11 x 12,000
= 1091/- but v also know that same amount of Provident fund also contributed by the company so, 1091+1091 = 2181/-
Provident fund = 2181/-
Gratuity Fund: It’s also 1/11th of basic salary so,
Gratuity fund = 1/11x 12,000
Gratuity fund = 1091/-
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