Financial Mathematics Quiz Worksheet - Math Studies 12 Year 2 Page 14
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23.
Keisha had 10 000 USD to invest. She invested m USD at the Midland Bank, which gave her 8%
annual interest. She invested f USD at the First National Bank, which gave 6% annual interest.
She received a total of 640 USD in interest at the end of the year.
(a)
Write two equations that represent this information.
(b)
Find the amount of money Keisha invested at each bank.
Working:
Answers:
(a) ..................................................................
(b) ……………………………………..........
(Total 8 marks)
24.
Frederick had to change British pounds (GBP) into Swiss francs (CHF) in a bank. The exchange
rate is 1 GBP = 2.5 CHF. There is also a bank charge of 3 GBP for each transaction.
(a)
How many Swiss francs would Frederick buy with 133 GBP?
(b)
Let s be the number of Swiss francs received in exchange for b GBP. Express s in terms of
b.
(c)
Frederick received 430 CHF. How many British pounds did he exchange?
Working:
Answers:
(a) ..................................................................
(b) ..................................................................
14
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