Financial Mathematics Quiz Worksheet - Math Studies 12 Year 2 Page 10
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15 Write your FULL name: ________________________________________
annually.
(a)
Calculate the amount of money he has after 10 years.
(b)
David then withdraws 5000 AUD to invest in another bank offering 8% interest
compounded annually. Calculate the total amount he will have in both banks at the end of
one more year. Give your answer correct to the nearest Australian dollar.
Working:
Answers:
(a) ..................................................................
(b) ..................................................................
(Total 8 marks)
17.
A Swiss bank shows currency conversion rates in a table. Part of the table is shown below, which
gives the exchange rate between British pounds (GBP), US dollars (USD) and Swiss francs
(CHF).
Buy
Sell
GBP
2.3400
2.4700
USD
1.6900
1.7700
This means that the bank will sell its British pounds to a client at an exchange rate of
1 GBP = 2.4700 CHF.
(a)
What will be the selling price for 1 USD?
Andrew is going to travel from Europe to the USA. He plans to exchange 1000 CHF into dollars.
The bank sells him the dollars and charges 2% commission.
(b)
How many dollars will he receive? Give your answer to the nearest dollar.
Working:
Answers:
(a) ..................................................................
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