Math Word Problems Worksheet Page 4
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11John invests X USD in a bank. The bank’s stated rate of interest is 6% per annum, compounded
8.
monthly.
Write down, in terms of X, an expression for the value of John’s investment after one
(a)
year.
(b)
What rate of interest, when compounded annually (instead of monthly) will give the
same value of John’s investment as in part (a)? Give your answer correct to three
significant figures.
(Total 4 marks)
9.
The table shows part of a currency conversion chart. For example GBP 1 is equivalent to
FFR 8.33.
GBP
USD
FFR
GBP
1
p
8.33
USD
0.64
1
q
FFR
0.12
0.19
l
For all calculations in this question give your answers correct to two decimal places.
(a)
Calculate the value of
(i)
p;
(ii)
q.
(4)
(b)
Joe has USD 1500 to exchange at a bank.
(i)
Assuming no commission is charged, how much in GBP will Joe receive from the
bank?
(2)
(ii)
Assuming the bank charges 1.5% commission,
(a)
how much in GBP does Joe pay in commission?
(1)
IB Questionbank Mathematical Studies 3rd edition
4
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