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Audrey started a stokvel on 1 February 2015 to save for the December holidays - NSC Mathematical Literacy - Question 1 - 2016 - Paper 1
Question 1
Audrey started a stokvel on 1 February 2015 to save for the December holidays. She invited 21 friends to join the stokvel. The aim was to continue with the stokvel a... show full transcript
Worked Solution & Example Answer:Audrey started a stokvel on 1 February 2015 to save for the December holidays - NSC Mathematical Literacy - Question 1 - 2016 - Paper 1
Step 1
Determine the total amount deposited in the bank account after the first meeting.
Answer
To calculate the total amount deposited in the bank account after the first meeting, we need to consider both the initial fees and the first monthly contributions of the members.
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Initial fees from 22 members:
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Monthly contributions from 22 members:
Now, adding both amounts gives us:
Thus, the total deposited is R14,300.
Step 2
Lena, a member of the stokvel, had not yet paid her monthly contribution for July by the 7th. Calculate the total amount Lena had to pay on 13 July when she made her payment.
Answer
Since Lena paid after the 7th, she incurs a late payment fine. The monthly contribution is R400 and the fine is 4.75% of this amount:
- Late fee:
ext{Fine} = 4.75 ext{ ext{%}} imes R400 = R19
Total payment Lena has to make:
Thus, Lena had to pay R419.
Step 3
On 20 December 2015 the total amount in the stokvel account was R110 614,84. Calculate the equal amount that each member received on 20 December 2015, assuming that all the members had paid all their monthly contributions.
Answer
To calculate the equal amount received by each member, we need to divide the total amount in the account by the total number of members.
- Total members = 22
- Total amount in account = R110,614.84
Calculating the equal amount per member:
Therefore, each member received approximately R5,030.67.