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According to the SARS data for December 2017, South Africa's 148 266 millionaires earn between R1 million and R2 million per annum - NSC Mathematical Literacy - Question 2 - 2019 - Paper 2
Question 2
According to the SARS data for December 2017, South Africa's 148 266 millionaires earn between R1 million and R2 million per annum. The number of millionaires incre... show full transcript
Worked Solution & Example Answer:According to the SARS data for December 2017, South Africa's 148 266 millionaires earn between R1 million and R2 million per annum - NSC Mathematical Literacy - Question 2 - 2019 - Paper 2
Step 1
It was stated that the mean monthly income per millionaire is exactly R161 000. Verify, with calculations, whether this statement is CORRECT.
Answer
To verify the mean monthly income, we first need to find the total annual income of all millionaires:
Total annual income = R287.24 billion = R287 240 000 000.
To find the mean monthly income:
Mean income per millionaire = Total income / Total number of millionaires
= R287 240 000 000 / 148 266 ≈ R1 937 328.85 per year
Now, to calculate the monthly income:
Monthly income = R1 937 328.85 / 12 ≈ R161 444.00
Since R161 000 is less than the calculated value, the statement is NOT CORRECT.
Step 2
Calculate the number of millionaires in South Africa in the previous year (2016).
Answer
Let the number of millionaires in the previous year be represented as x. Given a 5,006% increase:
New number = Old number + (Old number * Increase)
148 266 = x + (x * 50.06)
148 266 = x(1 + 50.06)
Solving for x:
x = 148 266 / 51.06 ≈ 2 905
Therefore, the number of millionaires in South Africa in 2016 was approximately 2 905.
Step 3
Step 4
Step 5
Calculate, in rand, Megan's annual gross salary using the following exchange rates: 1 euro = 15,64 South African rands 1 euro = 7,47 Danish kroner.
Answer
Megan's annual gross salary in Danish kroner = Kr600 000.
To convert this to rand:
Salary in rand = Kr600 000 * (15.64 / 7.47)
≈ R1 256 224.90.
Step 6
Verify, showing ALL calculations, whether this statement is valid.
Answer
Total deductions = Kr229 760 + Kr48 000 + Kr37 200 = Kr314 960.
Now convert this to rand to check against 52% of her gross salary:
Amount in rand = Kr314 960 * (15.64 / 7.47).
Conversion to rand ≈ R659 433.42.
To check if this exceeds 52%:
52% of R1 256 224.90 ≈ R654 238.15.
Since R659 433.42 > R654 238.15, the statement is valid.
Step 7
Step 8
Determine, to THREE decimal places, the probability of randomly selecting one of the G20 countries where the latest tax rates changed from the previous tax rate.
Answer
Let P be the probability:
P = (Number of countries where tax rates changed) / (Total number of G20 countries)
Assuming 7 out of 20 changed:
P = 7 / 20 = 0.350.
Step 9
Step 10