This business/management problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.
ScanSolve AI Answer
Step 1: Answer 1.2.1 The acronym UIF stands for: Unemployment Insurance Fund Step 2: Calculate Sipho's monthly UIF contribution (1.2.2) Sipho's gross annual salary is R114 000. First, calculate his gross monthly salary. Monthly Salary = Annual Salary12 months Monthly Salary = R114\,00012 = R9\,500 The UIF contribution rate for an employee is 1% of their gross monthly salary, up to a certain cap (which R9 500 is below). Monthly UIF Contribution = 1\% × Monthly Salary Monthly UIF Contribution = 0.01 × R9\,500 = R95 Sipho's monthly UIF contribution is: R95 Step 3: Explain why UIF is important for workers (1.2.3) UIF is important for workers because it provides temporary financial relief to those who become unemployed. It also offers benefits for maternity leave, adoption leave, illness, and to dependents of deceased contributors. Step 4: Convert R14 800 to US Dollars (USD) (1.3.1) The exchange rate is 1 = R16.53. To convert R14 800 to USD, divide the rand amount by the exchange rate. Amount in USD = R14\,800R16.53/\ Amount in USD = \895.3418... Rounding to two decimal places: \895.34 Step 5: Determine the price of the laptop in South African rand (1.3.2) The laptop costs 820. The exchange rate is 1 = R16.53. To convert 820 to rand, multiply the dollar amount by the exchange rate. Price in ZAR = \820 × R16.53/\$ Price in ZAR = R13\,554.60 The price of the laptop in South African rand is: R13\,554.60 Step 6: Explain why a weak rand affects South African consumers buying imported goods (1.3.3) A weak rand means that more South African rand are required to purchase the same amount of foreign currency. Consequently, imported goods, which are priced in foreign currency, become more expensive in rand terms for South African consumers. This reduces their purchasing power for these goods. Send me the next one 📸