Financial Mathematics Quiz Worksheet - Math Studies 12 Year 2 Page 7
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15 Write your FULL name: ________________________________________
11.
The following is a currency conversion table:
FFR
USD
JPY
GBP
French Francs (FFR)
1
p
q
0.101
US Dollars (USD)
6.289
1
111.111
0.631
Japanese Yen (JPY)
0.057
0.009
1
0.006
British Pounds (GBP)
9.901
1.585
166.667
1
For example, from the table 1 USD = 0.631 GBP. Use the table to answer the following questions.
(a)
Find the values of p and q.
(2)
(b)
Mireille wants to change money at a bank in London.
(i)
How many French Francs (FFR) will she have to change to receive 140 British
Pounds (GBP)?
(ii)
The bank charges a 2.4% commission on all transactions. If she makes this
transaction, how many British Pounds will Mireille actually receive from the bank?
(4)
(c)
Jean invested 5000 FFR in Paris at 8% simple interest per annum.
Paul invested 800 GBP in London at 6% simple interest per annum.
(i)
How much interest in FFR did Jean earn after 4 years?
(ii)
How much interest in US Dollars did Paul earn after 4 years?
(iii)
Who had earned more interest after 4 years?
(iv)
Explain your reasoning in part (c) (iii).
(7)
(Total 13 marks)
12.
Takaya invested 1000 JPY at 6.3% simple interest for 15 years. Morimi invested 900 JPY at 6.3%
interest compounded annually for 15 years. Who had more money at the end of the 15th year?
Justify your answer clearly.
(Total 5 marks)
13.
The following is part of a display on the notice board of a bank in the United Kingdom. It shows
the exchange rate between one British pound (GBP) and other currencies.
EXCHANGE RATES
7
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Education