FPSBI/M-VI/04-01/09/WN-12
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1 Solutions - Anamika 1) C) 2) C) RF Rate 7.50% Monthly % PV at their starting today No of Years Animesh age amount p.m Anaida age amount Total pm points (145681/1.075^2)+( /1.075^4)+(89650/ ^8) ) A) Original Investment= Interest after 3 months= *0.025 TDS on *0.103 Balance CF to next 3 months= Interest after 3 months= *0.025 TDS on *0.103 Balance CF to next 3 months= Interest after 3 months= *0.025 TDS on *0.103 Balance CF to next 3 months= Interest after 3 months= *0.025 TDS on *0.103 Total In hand maturity= each ) B) No, once policy is assigned under MWP act, assignment can not be withdrawn by policy holder under any condition 5) A) 6) A) FV of investment in NSC FV(EFFECT(8%,2),6,0, ,1) amount invested in MF after load of 2.25% 15000/( ) Required rate to match FPSB India/Public 1
2 Intrinsic Rate of Growth required by the MF scheme to match NSC returns before Before annual fees & charges of 1.1% 8.56% RATE(6,0, ,24015,0) Intrinsic Rate of Growth required by the MF scheme to give post charges 8.56% 9.77% (( )/( ))-1 7) A) Cost of Marriage to be covered when Anaida completes 24 year Anaida Age completep.m from AkhileshD:E :70 D=30% E=70% FV(((1.09)^(1/12))- FV(((1.14)^(1/12)) ,12*2,-(2500*0.3),0,1) 1,2*12,-(2500*0.7),0,1) FV(((1.14)^(1/12))-1,4*12,-(4000*0.7),-48280,1) :40 FV(((1.09)^(1/12))-1,12*4,-(4000*0.3),-19715,1) D=60% E=40% FV(((1.09)^(1/12))-1,2*12,-(4000*0.6),0,1) FV(9%,5,0,-96850,1) FV(14%,5,0, ,1) FV(9%,3,0,-63088,1) FV(14%,3,0,-44141,1) Deficit FV(((1.14)^(1/12))-1,2*12,- (4000*0.4),0,1) 8) B) SD of XYZ Ltd 2.20 SD of NIFTY 1.90 Corr Ceoeff(XYZ&NIFTY) 0.90 Beta of (XYZ)? formula Beta= Covariance(A&M)/Variance(M) Covariance(A&M)= SD(A)*SD(M)*Corr Coeff(A&M) Covariance(XYZ&NIFTY)= *1.9*0.9 Beta(XYZ)= /(E82^2) 9) A) FPSB India/Public 2
3 10) B) Present Age 42 Retirement Age 60 Years to retirement expected life 75 Years to live after retirement present take home per month income needed first month after FV(6%,18,0,-39000*0.6,0) Risk free rate 7.50% % Monthly ( )^(1/12)-1 Inflation rate 6.00% % Monthly (1+0.06)^(1/12)-1 corpus needed PV((( %)/( %))-1,12*15,-66792,0,1) Monthly Returns Debt Equity FV(0.72%,(55-42)*12,- FV(1.1%,(55-42)*12,- Monthly Rate 0.72% 1.10% (0.3),0,1) 0.7,0,1) Investments till age Investments after 55 to To get Rs she needs to invest * / ) B) 12) B) U/s 49(2A) of Income Tax Act 13) B) % EFFECT(10%,4) FV( %,18,-10000,0,1) Alternatively it can be solved Year-1 Year-2 Year (10000*( )^3)+(10000*( )^2)+(10000*( )) Year-4 Year-5 Year (( )*( )^3)+(10000*( )^2)+(10000*( )) Year-7 Year-8 Year (( )*( )^3)+(10000*( )^2)+(10000*( )) Year-10 Year-11 Year (( )*( )^3)+(10000*( )^2)+(10000*( )) Year-13 Year-14 Year (( )*( )^3)+(10000*( )^2)+(10000*( )) Year-16 Year-17 Year (( )*( )^3)+(10000*( )^2)+(10000*( )) FPSB India/Public 3
4 14) B) 15) B) 16) B) Present Higher education cost cost when Anaida is 24 years Age running P.M from Akhilesh D:E Anaida :70 D=30% E=70% D=60% E=40% FV(((1.09)^(1/12))- FV(((1.14)^(1/12)) ,12*4,-(2500*0.3),0,1) 1,12*4,-(2500*0.7),0,1) : Assuming investment of Rs. 100 per month 12 30: FV(((1.09)^(1/12))- 1,6*12,-30,0,1) FV(((1.14)^(1/12))- 1,6*12,-70,0,1) : FV(9%,4,0,-2839,1) FV(14%,4,0,-7703,1) FV(((1.09)^(1/12))- 1,12*2,-(4000*0.3), ,1) FV(((1.14)^(1/12))- 1,2*12,-(4000*0.7), ,1) *1.12^10 FV(9%,4,0,-82796,1) FV(14%,4,0, ,1) FV(((1.09)^(1/ FV(((1.14)^( ))-1,4*12,- /12))-1,4*12, (4000*0.6),0,1 (4000*0.4),0, Deficit ) 1) FV(((1.09)^(1/ 12))-1,4*12,- 60,0,1) IF by investing Rs. 100 we get= 3575 p.m. Therefore to get Rs. 8,22,337 we need to invest Rs. 100*822337/23005 FV(((1.14)^(1 /12))-1,4*12,- 40,0,1) FPSB India/Public 4
5 17) A) Solutions - Eklovya Value of share = Company A = Dividend/Required Return-Growth Rate Required Return 15% Growth Rate = Retention ratio X Return on equity (ROE) Return on Equity of Company - A 18% Retention ratio = 1-dividend payout ratio = (1-dividend payout ratio) x ROE Growth rate (1-0.2)*0.18 Value of share /(15%-0.144) 18) A) Eklovya will get Rs. 35,000 as deduction Mr. Eklovya will get deduction for his policy Mr. Eklovya will get deduction for his father policy paid by him since he is a senior citizen Rs. 15,000 Rs. 20,000 Total Deduction Available to Mr. Eklovyas is Rs.15,000 + Rs. 20,000 = Rs.35,000 19) A) Tax Payable % *1%*9 7.50% per month for 9 1-Apr months 1 1-May Total Tax payable Jun Penalty of Belated Return Jul ) A) 4 1-Aug Intraday Trading Sep This income will be added to his total income and will be taxed at *33.99% 6 1-Oct Nov Net income Dec Jan Loan Outstanding as on 1st April Feb Remaining Balance Mar Apr May % EMI INT PRN 14 1-Jun Apr Jul May-09 3,215,207 49,768 20,279 29, Aug FPSB India/Public 5
6 2 1-Jun-09 3,185,534 49,768 20,095 29, Sep Jul-09 3,155,676 49,768 19,910 29, Oct Aug-09 3,125,631 49,768 19,723 30, Nov Sep-09 3,095,398 49,768 19,535 30, Dec Oct-09 3,064,976 49,768 19,346 30, Jan Nov-09 3,034,364 49,768 19,156 30, Feb Dec-09 3,003,561 49,768 18,965 30, Mar Jan-10 2,972,565 49,768 18,772 30, Apr Feb-10 2,941,376 49,768 18,579 31, May Mar-10 2,909,991 49,768 18,384 31, Jun Apr-10 2,878,411 49,768 18,187 31, Jul May-10 2,846,633 49,768 17,990 31, Aug Jun-10 2,814,656 49,768 17,791 31, Sep Jul-10 2,782,480 49,768 17,592 32, Oct Aug-10 2,750,102 49,768 17,390 32, Nov Sep-10 2,717,522 49,768 17,188 32, Dec Oct-10 2,684,739 49,768 16,985 32, Jan Nov-10 2,651,750 49,768 16,780 32, Feb Dec-10 2,618,556 49,768 16,573 33, Mar Jan-11 2,585,154 49,768 16,366 33, Apr Feb-11 2,551,543 49,768 16,157 33, May Mar-11 2,517,722 49,768 15,947 33, Jun Apr-11 2,483,689 49,768 15,736 34, Jul May-11 2,449,445 49,768 15,523 34, Aug Jun-11 2,414,985 49,768 15,309 34, Sep Jul-11 2,380,311 49,768 15,094 34, Oct Aug-11 2,345,420 49,768 14,877 34, Nov Sep-11 2,310,311 49,768 14,659 35, Dec Oct-11 2,274,982 49,768 14,439 35, Jan Nov-11 2,239,433 49,768 14,219 35, Feb Dec-11 2,203,661 49,768 13,996 35, Mar Jan-12 2,167,666 49,768 13,773 35, Apr Feb-12 2,131,446 49,768 13,548 36, May Mar-12 2,094,999 49,768 13,322 36, Jun Apr-12 2,058,325 49,768 13,094 36, Jul May-12 2,021,422 49,768 12,865 36, Aug Jun-12 1,984,287 49,768 12,634 37, Sep Jul-12 1,946,921 49,768 12,402 37, Oct Aug-12 1,909,321 49,768 12,168 37, Nov Sep-12 1,871,487 49,768 11,933 37, Dec Oct-12 1,833,415 49,768 11,697 38, Jan Nov-12 1,795,106 49,768 11,459 38, Feb Dec-12 1,756,558 49,768 11,219 38, Mar Jan-13 1,717,768 49,768 10,978 38, Apr Feb-13 1,678,736 49,768 10,736 39, May Mar-13 1,639,460 49,768 10,492 39, Jun FPSB India/Public 6
7 48 1-Apr-13 1,599,939 49,768 10,247 39, Jul May-13 1,560,170 49,768 10,000 39, Aug Jun-13 1,520,153 49,768 9,751 40, Sep Jul-13 1,479,886 49,768 9,501 40, Oct Aug-13 1,439,367 49,768 9,249 40, Nov Sep-13 1,398,595 49,768 8,996 40, Dec Oct-13 1,357,569 49,768 8,741 41, Jan Nov-13 1,316,285 49,768 8,485 41, Feb Dec-13 1,274,744 49,768 8,227 41, Mar Jan-14 1,232,943 49,768 7,967 41, Apr Feb-14 1,190,881 49,768 7,706 42, May Mar-14 1,148,556 49,768 7,443 42, Jun Apr-14 1,105,967 49,768 7,178 42, Jul May-14 1,063,111 49,768 6,912 42, Aug Jun-14 1,019,987 49,768 6,644 43, Sep Jul ,594 49,768 6,375 43, Oct Aug ,930 49,768 6,104 43, Nov Sep ,992 49,768 5,831 43, Dec Oct ,781 49,768 5,556 44, Jan Nov ,292 49,768 5,280 44, Feb Dec ,526 49,768 5,002 44, Mar Jan ,480 49,768 4,722 45, Apr Feb ,153 49,768 4,441 45, May Mar ,542 49,768 4,157 45, Jun Apr ,646 49,768 3,872 45, Jul May ,463 49,768 3,585 46, Aug Jun ,992 49,768 3,297 46, Sep Jul ,230 49,768 3,006 46, Oct Aug ,176 49,768 2,714 47, Nov Sep ,828 49,768 2,420 47, Dec Oct ,184 49,768 2,124 47, Jan Nov ,242 49,768 1,826 47, Feb Dec ,000 49,768 1,527 48, Mar Jan ,457 49,768 1,225 48, Apr Feb-16 98,611 49, , May Mar-16 49,459 49, , Jun Apr , , Jul Bal. Interest payable in the new schedule 935, Aug Bal. Interest payable in the old schedule 1,657, Sep Saving in interest Oct ) A) 14-Apr Nov Jun Dec Sep Jan Jan Apr Actual Rate of Return 6.91% XIRR Post Tax Return = Return *(1-Tax Rate) 4.56% 6.91*( ) FPSB India/Public 7
8 106 1-Feb ) B) Mar Apr ) C) May Eklovya's post-tax salary in * Jun Post-tax salary in the first year of investment * Jul Salary Saving Investment Aug as at end of the year Sep , Oct , Nov , Dec , Jan , Feb , Mar , Apr , May , Jun , Jul , Aug ,010, Sep ,232, Oct ,479, Nov ,753, Dec ,054, Jan ,387, Feb ,754, Mar ,158, Apr ,601, May ,089, Jun ,624, Jul ,210, Aug ,853, Sep ,556, Oct ,325, Nov ,165, Dec ,084, Jan Feb Value of funds at 60 21,205,571 FV(7.5%,28,0, ,0)+90,84, Mar Inflation adusted real rate of return Apr per annum (1.065/1.05) May per month ( )^(1/12) Jun Jul PV at age 60 of monthly pension for 15 years 20,279,430 PV( ,180, ,0,1) Aug Excess PV at age 60 after meeting pension per his expected life 926,141 2,12,05,571-2,02,79, Sep Future Value of this exceess PV after % p.a. 2,381,887 9,26,141*(1.065)^ Oct Nov FPSB India/Public 8
9 152 1-Dec ) A) Jan Feb ) A) Rs. 8,00,000/ Mar Principle of Under Insurance does not apply in the instant case Apr May ) B) Jun In accordance with the facts of case, the gift to Mr. Eklovya is valid because there was no undue influence, he was acting in good faith and her act of adding codicil to the will was with her free consent Jul Aug Sep ) A) Net profit (loss) on the contract Oct Eklovya = ( )( )* Nov Dinesh = ( ) 100 x Dec Jan ) A) Feb Eklovya Mar Contribution Apr May Year Date Out Bal Contribution Interest on fresh Interest on Closing Bal Jun funds April balance end of March Jul Apr Aug Oct Sep Apr Oct Oct Nov Apr Dec Oct Jan Apr Feb Oct Mar Apr Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Shikha's Salary Year Date Out Bal Contribution Interest on fresh Interest on Closing Bal funds April balance end of March 1-Apr FPSB India/Public 9
10 1-Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Simran will turn 24 in years after maturity of extended PPF A/c. of Eklovya Nishita will turn 24 in years after maturity of extended PPF A/c. of Shikha Amount Required for Simran's Marriage Amount Required for Nishta's Marriage RATE(10,0, , Rate of Return Eklovya will invest to meet his goal 7.41% , 1) Rate of Return Shikha will invest to meet his goal 7.49% Therefore approximate rate of return required to meet the target amount for the marriage of each daughter is 29) C) Amount required for Simran at age 18 (curr. Prices) No. of years Future value of sum 7% escalation p.a *(1.07)^13 No. of months *12 Rate of return per annum 0.12 Rate of return per month effective (1+0.12)^(1/12)-1 Amount required per month 6,735 PMT( ,156,0, ,1) Amount required for Nishita at age 21 (curr. Prices) No. of years Future value of sum 7% escalation p.a *(1.07)^ % RATE(9,0, , , 1) FPSB India/Public 10
11 No. of months *12 Rate of return per annum 0.12 Rate of return per month effective (1+0.12)^(1/12)-1 Amount required per month 7,123 PMT( ,216,0, ,1) 30) D) 31) B) Expected Return of the Portfolio 12.00% 0.4* * *0.12 Post Tax Return = Expected Return * (1 - Tax Rate) 7.92% 0.12*( ) Existing Housing Loan Repayment schedule % EMI INT Principal 1-Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FPSB India/Public 11
12 30 1-Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul FPSB India/Public 12
13 76 1-Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May FPSB India/Public 13
14 122 1-Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FPSB India/Public 14
15 168 1-Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr FPSB India/Public 15
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