Banks send out transaction statements to their clients periodically - NSC Mathematical Literacy - Question 1 - 2017 - Paper 1

The minus sign (−) indicates an overdraft situation, meaning that the amount owed to the bank exceeds the available balance. It signifies that the account is in deficit.

To calculate the missing value A, we add the total deposits shown in the statement and subtract any withdrawals. Let this be represented mathematically as:

$ext{A} = ext{Total Deposits} - ext{Withdrawals}$ Where Total Deposits = R8 906,94 and Withdrawals = R2 765,66. Thus:

$ext{A} = R8 906,94 - R2 765,66 = R6 141,28$

The total salary deposits can be calculated by summing all the credited salary entries in the statement. Let’s denote these salary deposits as follows:

$ext{Total Salary Deposits} = R1 285,17 + R8 906,94 + R2 765,66$
Thus,

$ext{Total Salary Deposits} = R33 196,68$

The cash withdrawal fee can be calculated using the fee structure provided in the bank policy. Assuming the fee structure includes:

• R6,70 + R40,00 + 2.0% of the amount withdrawn. Therefore:

$ext{Withdrawal Fee} = R6,70 + R40,00 + (0.02 imes R5 490,000) = R76,58$

The debit order made on 15 February 2016 was internal, as it was executed within the same bank account at BBC Bank.

To determine the final amount in Mr. Simmons' account after one year, we need to calculate the interest earned on the initial investment of R9 500 using the bank's interest rate of 6.4%:

$ext{Interest} = R9 500 imes 0.064 = R608$

Adding the interest to the principal gives:

$ext{Final Amount} = R9 500 + R608 = R10 108$

For the next six months, we use the same interest rate of 7.4% for the investment of R10 108, thus:

$ext{Interest for 6 months} = R10 108 imes 0.0374 = R374$

The final amount in his account after six months would thus be:

$ext{Final Amount} = R10 108 + R374 = R10 482$

Inflation is defined as the rate at which the general level of prices for goods and services rises, eroding purchasing power. It reflects the increase in prices resulting from increased demand or decreased supply of goods.

To demonstrate this, multiply the minimum hourly wage (R11,44) by the number of hours worked per week (45):

$ext{Minimum Weekly Rate} = 11.44 imes 45 = R514,80$

Using the formula for minimum monthly rate:

$B = \frac{r \times w}{12}$ Where r = weekly rate (R476,55) and w = 52 weeks:

$B = \frac{476,55 \times 52}{12} = R2 230,80$

For 15 domestic workers, each working 40 hours over five days, first calculate the minimum wage for five days:

$\text{Minimum Wage for 5 days} = 40 \text{ hours} \times 11,44 \text{ (hourly rate)} = R457,60$

To find the actual hourly rate, divide the total wage by the total hours worked:

$\text{Hourly Rate} = \frac{R550,90}{40} = R13,77\text{ per hour}$