// Numbas version: exam_results_page_options
{"name": "present value - simple interest - short term debt - promissory note, commercial paper, bank accepted bill etc", "extensions": [], "custom_part_types": [], "resources": [], "navigation": {"allowregen": true, "showfrontpage": false, "preventleave": false, "typeendtoleave": false}, "question_groups": [{"pickingStrategy": "all-ordered", "questions": [{"name": "present value - simple interest - short term debt - promissory note, commercial paper, bank accepted bill etc", "ungrouped_variables": ["loan", "S", "period", "n", "ipa", "ipadec", "P", "Prounded"], "statement": "<p>If you are unsure of how to do&nbsp;a question, click on&nbsp;<em>Reveal answers</em>&nbsp;to see the full working. Then, once you understand how to do the question, click on&nbsp;<em>Try another question like this one</em>&nbsp;to start again. Do each question repeatedly to ensure you have mastered it.</p>", "extensions": [], "advice": "<p>We are asked to find the present value of a {loan}. We do this using simple&nbsp;interest. Therefore we will use the equation</p>\n<p>$\\displaystyle P=\\frac{S}{(1+rt)}$,</p>\n<p>where $P$ is the present value, $S$ is the future value (the face value, or the value at maturity), $r$ is the interest rate (or the yield) per annum&nbsp;and $t$ is the time in years.</p>\n<p>In our&nbsp;situation we have,</p>\n<p>$S=\\var{S}$,</p>\n<p>$r=\\var{ipa}\\%=\\var{ipadec}$,</p>\n<p>$t=\\frac{\\var{n}}{\\var{period[1]}}$,&nbsp;</p>\n<p>and therefore</p>\n<p>$\\begin{align}P&amp;=\\frac{\\var{S}}{1+\\var{ipadec}\\times \\frac{\\var{n}}{\\var{period[1]}}}\\\\&amp;=\\$ \\var{Prounded} \\text{ &nbsp; &nbsp; &nbsp; &nbsp;(to the nearest cent)}\\end{align}$&nbsp;</p>", "variablesTest": {"condition": "", "maxRuns": 100}, "rulesets": {}, "preamble": {"js": "", "css": ""}, "metadata": {"licence": "Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International", "description": "Using simple interest determine the present value of a short term loan (promissory note, commercial paper, bank accepted bill etc)."}, "tags": [], "variables": {"n": {"templateType": "anything", "name": "n", "description": "", "group": "Ungrouped variables", "definition": "random(20..240)"}, "period": {"templateType": "anything", "name": "period", "description": "", "group": "Ungrouped variables", "definition": "['days', 365]"}, "S": {"templateType": "anything", "name": "S", "description": "", "group": "Ungrouped variables", "definition": "random(list(1000..10000#1000)+list(10000..100000#10000)+list(100000..1000000#100000)+[1000000])"}, "Prounded": {"templateType": "anything", "name": "Prounded", "description": "", "group": "Ungrouped variables", "definition": "precround(P,2)"}, "loan": {"templateType": "anything", "name": "loan", "description": "", "group": "Ungrouped variables", "definition": "random('promissory note', 'commercial paper', 'bank accepted bill', 'commercial paper', 'bank endorsed bill')"}, "P": {"templateType": "anything", "name": "P", "description": "<p>present value</p>", "group": "Ungrouped variables", "definition": "S/(1+ipadec*n/period[1])"}, "ipa": {"templateType": "anything", "name": "ipa", "description": "<p>interest per annum as a percentage (add the symbol afterwards)</p>", "group": "Ungrouped variables", "definition": "random(4..10)"}, "ipadec": {"templateType": "anything", "name": "ipadec", "description": "", "group": "Ungrouped variables", "definition": "ipa/100"}}, "functions": {}, "variable_groups": [], "parts": [{"customName": "", "scripts": {}, "useCustomName": false, "variableReplacements": [], "showCorrectAnswer": true, "type": "gapfill", "extendBaseMarkingAlgorithm": true, "showFeedbackIcon": true, "prompt": "<div class=\"page\" title=\"Page 1\">\n<div class=\"layoutArea\">\n<div class=\"column\">A {loan} has a face value of&nbsp;$\\$\\var{S}$ and has&nbsp;$\\var{n}$ days to maturity. If the yield is $\\var{ipa}\\%$ per annum what is the current price of the {loan}?</div>\n<div class=\"column\"></div>\n</div>\n</div>\n<p>$\\$\\,$[[0]] (to the nearest cent)</p>", "gaps": [{"allowFractions": false, "unitTests": [], "useCustomName": false, "minValue": "P", "extendBaseMarkingAlgorithm": true, "showFeedbackIcon": true, "precisionType": "dp", "notationStyles": ["plain", "en", "si-en"], "correctAnswerStyle": "plain", "precision": "2", "mustBeReducedPC": 0, "mustBeReduced": false, "customMarkingAlgorithm": "", "variableReplacementStrategy": "originalfirst", "correctAnswerFraction": false, "customName": "", "scripts": {}, "precisionMessage": "You have not given your answer to the&nbsp;nearest cent.", "variableReplacements": [], "showCorrectAnswer": true, "type": "numberentry", "precisionPartialCredit": 0, "strictPrecision": false, "maxValue": "P", "showPrecisionHint": false, "marks": 1}], "customMarkingAlgorithm": "", "variableReplacementStrategy": "originalfirst", "sortAnswers": false, "marks": 0, "unitTests": []}], "contributors": [{"name": "Ben Brawn", "profile_url": "https://numbas.mathcentre.ac.uk/accounts/profile/605/"}]}]}], "contributors": [{"name": "Ben Brawn", "profile_url": "https://numbas.mathcentre.ac.uk/accounts/profile/605/"}]}