Multiple choice

Passage

Directions: Study the following information and answer the question. The findings of Oxfam India's latest 'India Discrimination Report 2022' indicate that there is a significant gap in the earnings between men and women in the case of regular and self-employment in urban areas. The lower wages for salaried women are due to 67 percent of discrimination and 33 percent due to lack of education and work experience. The average earning is Rs. 16,000 for men and merely Rs. 6,600 for women in urban areas in self-employment. The average earning of men is Rs. 19,800 as against Rs. 15,600 for women in regular/salaried employment in urban areas. Also, in urban areas the average earnings of men (Rs. 9,000) are significantly higher than women (Rs. 5,700) even in casual employment. Apart from women, historically oppressed communities along with religious minorities also continue to face discrimination in accessing jobs, livelihoods, and agricultural credit. The mean income for Scheduled Castes or Scheduled Tribes ( ' 'SC/ST'') persons in urban areas who are in regular employment is Rs. 15,300 as against Rs. 20,300 for persons belonging to the non-SC/ST category. The average earning of self-employed workers is Rs. 15,900 for non-SC/STs and Rs. 10,500 for SC/STs. The average monthly earning for the SC/ST workers in casual work is Rs. 8,000 below the corresponding figure of Rs. 8,600 for the non-SC/ST. [Data Source: Oxfam India] [ Note: Values have been approximated to the nearest hundred]

Of those in casual employment, if a man's average earnings was deposited at a rate of 16% simple interest for 20 years, in how many years at the same rate of simple interest a SC/ST worker must deposit their average earnings to earn the same amount as a man in 20 years?

  1. 24 years

  2. 22.5 years

  3. 21 years

  4. 23.2 years
Reveal answer Fill a bubble to check yourself
B Correct answer
AI explanation

We use the simple interest formula where Interest equals Principal multiplied by Rate multiplied by Time divided by 100. For the man, the interest earned is (9000 multiplied by 16 multiplied by 20) divided by 100, and for the SC/ST worker, the interest must equal (8000 multiplied by 16 multiplied by n) divided by 100. Setting them equal, 9000 multiplied by 20 equals 8000 multiplied by n. Solving for n gives 180000 divided by 8000, resulting in 22.5 years.

Keep practicing — related questions