Stocks and Shares Practice Test 2

Question : 17 of 36

Marks: +1, -0

A man's net income from 5% Government paper is Rs. 1225 after paying an income tax at the rate of 2%. Find the number of shares of Rs. 1000 each owned by him.

Validate

Solution:

Gross income on 1 share

=5/100 ×1000

= Rs. 50, Income tax on 1 share's income

= 2/100 × 50

= Re. 1
Hence, net income tax on 1 share = 50 – 1 = Rs. 49
Since, number of shares

= 1225/49 = 25

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