Financial Mathematics Quiz Worksheet - Math Studies 12 Year 2 Page 9
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15 Write your FULL name: ________________________________________
exchange money and avoid bank charges. The exchange rate is 1 MD = 1.63 VR.
(b)
How many Martian Dollars, to the nearest dollar, will Zania receive if she gives Zog 2100
VR?
Working:
Answers:
(a) ..................................................................
(b) ..................................................................
(Total 8 marks)
15.
Mario has spent $40000 to buy some land. The land increases in value by 5% each year.
(i)
What is the value of the land after the end of five years?
At the end of five years, Mario sells the land. He pays 1% tax on the sale and spends the rest of the
money on a car. The car loses value at a rate of $2500 every year.
(ii)
How much tax does Mario pay?
(iii)
How much is the car worth five years after Mario buys it?
Working:
Answers:
(i) ..................................................................
(ii) ..................................................................
(iii) ..................................................................
(Total 8 marks)
16.
David invests 6000 Australian dollars (AUD) in a bank offering 6% interest compounded
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