Financial Mathematics Quiz Worksheet - Math Studies 12 Year 2 Page 6
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15 Write your FULL name: ________________________________________
(ii)
Assuming the bank charges 1.5% commission,
(a)
how much in GBP does Joe pay in commission?
(1)
(b)
how much in GBP does Joe actually receive for his USD 1500?
(1)
(c)
Joe decides to invest GBP 700 of his money in a savings account which pays interest at 5%,
compounded annually.
(i)
How much interest will the GBP 700 earn after 4 years?
(2)
(ii)
For how many years must Joe invest his GBP 700 in order to earn at least GBP 200 in
interest?
(2)
(d)
After 4 years Joe has a total of GBP 900 in his savings account on an investment at 5%
interest compounded annually. How much did he invest? Give your answer to the nearest
one GBP.
(2)
(Total 14 marks)
10.
The rate of inflation from the beginning of 1995 has been 4.5% per year.
(a)
A loaf of bread cost $1.70 on January 1, 1996. What did it cost on January 1, 1999?
(b)
A car cost $40 000 on January 1, 1999. What did it cost on January 1, 1997? (Give your
answer to the nearest thousand dollars.)
Working:
Answers:
(a) ..................................................................
(b) ..................................................................
(Total 4 marks)
6
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