Amoth Siya has a savings account at CPT Bank - NSC Mathematical Literacy - Question 2 - 2017 - Paper 1
Question 2
Amoth Siya has a savings account at CPT Bank. On ANNEXURE A is a statement for the period 22/10/2015 to 20/12/2015. Some of the amounts have been omitted.
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Worked Solution & Example Answer:Amoth Siya has a savings account at CPT Bank - NSC Mathematical Literacy - Question 2 - 2017 - Paper 1
Step 1
2.1.1 Determine the balance in the savings account on 22/10/2015.
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Answer
To find the balance on 22/10/2015, you need to refer to the statement in ANNEXURE A. Based on the given amounts in the statement, the balance is R8,060.27.
Step 2
2.1.2 Calculate the monthly interest amount on 31/10/2015.
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Answer
The monthly interest can be calculated using the formula:
extInterest=extBalanceimesextRate
From ANNEXURE A, if the account balance is R4,050.98, and the interest rate is 4%, the monthly interest is:
2.1.3 To prevent fraud, the bank omits the last four digits from the account number. Give an example of a possible account number for this statement.
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A possible account number could be 14326000****, where **** represents the last four digits that are omitted.
Step 4
2.1.4 Name the person who transferred an amount of money into this account.
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The person who transferred the amount into this account is Mdiso Khail.
Step 5
2.1.5 Write down the number of unprocessed transaction items on this statement.
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According to the statement, there are 0 unprocessed transaction items.
Step 6
2.1.6 Determine the probability of randomly selecting a transaction from this statement that was made from 1 December 2015 to 20 December 2015.
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The probability can be calculated as the number of successful outcomes over the total outcomes. If there are 5 transactions in the relevant date range and a total of 20 transactions:
P = rac{5}{20} = 0.25 ext{ or } 25\%.
Step 7
2.1.7 (a) Show how this amount was calculated.
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Answer
To calculate the total amount without VAT from R19.60, you use the formula:
ext{Amount without VAT} = rac{R19,60}{1 + rac{14}{100}} = R17,19 .
Step 8
2.1.7 (b) Calculate the VAT amount for R19,60.
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The VAT amount can be calculated by subtracting the amount without VAT from the total amount:
