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Three cars were sold through an agent for ₹ 2,40,000, ₹ 2,22,000 and ₹ 2,25,000 respectively. The rates of commission were 17.5% on the first, 12.5% on the second. If the agent overall received 14% commission on the total sales, find the rate of commission paid on the third car.
Solution: Total selling Price of three cars = 2,40,000 + 2,22,000 + 2,25,000
= `square`
Commision on total sale = 14%
= `14/100 xx square`
Selling price of First car = ₹ 2,40,000
Rate of commission = 17.5%
= `17.5/100 xx 2,40,000 = square`
∴ Commission on first car = ₹ `square`
Selling price of Second car = ₹ 2,22,000
Rate of commission = 12.5%
= `12.5/100 xx 2,22,000 = square`
∴ Commission on second car = ₹ `square`
Selling price of third car = ₹ 2,25,000
Let the rate of commission be x
Commission on third car = `x/100 xx 2,25,000`
∴ Commission on third car = Total commission − (commission on first car + commission on second car)
∴ `x/100 xx 2,25,000 = square - {square + square}`
∴ x = `square`
Concept: Commission and Brokerage Agent
Multiple choice questions:
If for an immediate annuity r = 10% p.a., P = ₹ 12,679.46 and A = ₹ 18,564, then the amount of each annuity paid is ______
Concept: Annuity
Multiple choice questions:
The present value of an immediate annuity of ₹ 10,000 paid each quarter for four quarters at 16% p.a. compounded quarterly is ______
Concept: Annuity
A 35-year old person takes a policy for ₹ 1,00,000 for a period of 20 years. The rate of premium is ₹ 76 and the average rate of bonus is ₹ 7 per thousand p.a. If he dies after paying 10 annual premiums, what amount will his nominee receive?
Concept: Annuity
Find the amount of an ordinary annuity if a payment of ₹ 500 is made at the end of every quarter for 5 years at the rate of 12% per annum compounded quarterly. [Given (1.03)20 = 1.8061]
Concept: Annuity
Find the equation of the line of regression of Y on X for the following data:
n = 8, `sum(x_i - barx).(y_i - bary) = 120, barx = 20, bary = 36, sigma_x = 2, sigma_y = 3`
Concept: Lines of Regression of X on Y and Y on X Or Equation of Line of Regression
Choose the correct alternative:
If byx < 0 and bxy < 0, then r is ______
Concept: Properties of Regression Coefficients
Choose the correct alternative:
If the lines of regression of Y on X is y = `x/4` and X on Y is x = `y/9 + 1` then the value of r is
Concept: Lines of Regression of X on Y and Y on X Or Equation of Line of Regression
State whether the following statement is True or False:
If byx = 1.5 and bxy = `1/3` then r = `1/2`, the given data is consistent
Concept: Properties of Regression Coefficients
If n = 5, ∑xy = 76, ∑x2 = ∑y2 = 90, ∑x = 20 = ∑y, the covariance = ______
Concept: Properties of Regression Coefficients
If the regression equations are 8x – 10y + 66 = 0 and 40x – 18y = 214, the mean value of y is ______
Concept: Lines of Regression of X on Y and Y on X Or Equation of Line of Regression
Given the following information about the production and demand of a commodity.
Obtain the two regression lines:
| ADVERTISEMENT (x) (₹ in lakhs) |
DEMAND (y) (₹ in lakhs) |
|
| Mean | 10 | 90 |
| Variance | 9 | 144 |
Coefficient of correlation between x and y is 0.8.
What should be the advertising budget if the company wants to attain the sales target of ₹ 150 lakhs?
Concept: Properties of Regression Coefficients
Two samples from bivariate populations have 15 observations each. The sample means of X and Y are 25 and 18 respectively. The corresponding sum of squares of deviations from means are 136 and 148 respectively. The sum of product of deviations from respective means is 122. Obtain the regression equation of x on y
Concept: Lines of Regression of X on Y and Y on X Or Equation of Line of Regression
For a certain bivariate data of a group of 10 students, the following information gives the internal marks obtained in English (X) and Hindi (Y):
| X | Y | |
| Mean | 13 | 17 |
| Standard Deviation | 3 | 2 |
If r = 0.6, Estimate x when y = 16 and y when x = 10
Concept: Properties of Regression Coefficients
| x | y | `x - barx` | `y - bary` | `(x - barx)(y - bary)` | `(x - barx)^2` | `(y - bary)^2` |
| 1 | 5 | – 2 | – 4 | 8 | 4 | 16 |
| 2 | 7 | – 1 | – 2 | `square` | 1 | 4 |
| 3 | 9 | 0 | 0 | 0 | 0 | 0 |
| 4 | 11 | 1 | 2 | 2 | 4 | 4 |
| 5 | 13 | 2 | 4 | 8 | 1 | 16 |
| Total = 15 | Total = 45 | Total = 0 | Total = 0 | Total = `square` | Total = 10 | Total = 40 |
Mean of x = `barx = square`
Mean of y = `bary = square`
bxy = `square/square`
byx = `square/square`
Regression equation of x on y is `(x - barx) = "b"_(xy) (y - bary)`
∴ Regression equation x on y is `square`
Regression equation of y on x is `(y - bary) = "b"_(yx) (x - barx)`
∴ Regression equation of y on x is `square`
Concept: Properties of Regression Coefficients
For certain bivariate data on 5 pairs of observations given:
∑x = 20, ∑y = 20, ∑x2 = 90, ∑y2 = 90, ∑xy = 76 then bxy = ______.
Concept: Lines of Regression of X on Y and Y on X Or Equation of Line of Regression
Following table shows the all India infant mortality rates (per '000) for years 1980 to 2010:
| Year | 1980 | 1985 | 1990 | 1995 | 2000 | 2005 | 2010 |
| IMR | 10 | 7 | 5 | 4 | 3 | 1 | 0 |
Fit the trend line to the above data by the method of least squares.
Concept: The Method of Least Squares
Which of the following can’t be a component of a time series?
Concept: Components of a Time Series
Choose the correct alternative:
The following trend line equation was developed for annual sales from 1984 to 1990 with 1984 as base or zero year.
Y = 500 + 60X (in 1000 ₹). The estimated sales for 1984 (in 1000 ₹) is
Concept: Components of a Time Series
The complicated but efficient method of measuring trend of time series is ______
Concept: Measurement of Secular Trend
