This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.
ScanSolve AI Answer
2.1 2.1.1 Determine the annual interest rate. Step 1: The monthly interest rate is given as 0.55\%. To find the annual rate, multiply the monthly rate by 12. Annual Interest Rate = 0.55\% × 12 Step 2: Calculate the product. Annual Interest Rate = 6.6\% The annual interest rate is 6.6\%. 2.1.2 Calculate the interest earned at the end of the investment. Step 1: Identify the principal amount (P), annual interest rate (r), and time (t). P = R12\,000 r = 6.6\% = 0.066 t = 3 years Step 2: Use the simple interest formula I = P × r × t. I = R12\,000 × 0.066 × 3 Step 3: Calculate the interest. I = R792 × 3 I = R2\,376 The interest earned at the end of the investment is R2\,376.00. 2.2 2.2.1 Determine the bank balance at the end of business on the 6th of February 2025. Step 1: Locate the date 06/02/2025 on the bank statement. Step 2: Read the balance corresponding to that date. The balance on 06/02/2025 is R7\,097.99. 2.2.2 Calculate the value of A and B on the bank statement. a) Calculate A: Step 1: The balance before the Vodacom debit (04/02/2025) was R18 449.68. The balance after the debit was R17 557.99. A = R18\,449.68 - R17\,557.99 Step 2: Subtract the amounts. A = R891.69 The value of A is R891.69. b) Calculate B: Step 1: The balance before the 15/02/2025 credit was R6 640.49. A credit of R2 511.50 was added. B = R6\,640.49 + R2\,511.50 Step 2: Add the amounts. B = R9\,151.99 The value of B is R9\,151.99. 2.2.3 Determine the rent amount as a percentage of monthly salary. Step 1: Identify the rent amount and the monthly salary from the statement. Rent = R6\,800.00 (on 06/02/2025) Monthly Salary = R20\,180.43 (on 01/02/2025) Step 2: Calculate the percentage. Percentage = RentMonthly Salary × 100\% Percentage = R6\,800.00R20\,180.43 × 100\% Step 3: Perform the calculation. Percentage ≈ 0.33695 × 100\% Percentage ≈ 33.70\% The rent amount as a percentage of monthly salary is approximately 33.70\%. 2.2.4 Determine the probability of finding a credit transaction out of all the transactions on the bank account statement. Step 1: Count the total number of transactions on the statement. There are 13 transactions listed. Step 2: Count the number of credit transactions. The credit transactions are: • Monthly salary (01/02/2025) • Trading account (15/02/2025) • Trading account (02/03/2025) • Trading account (18/03/2025) There are 4 credit transactions. Step 3: Calculate the probability. Probability = Number of Credit TransactionsTotal Number of Transactions Probability = (4)/(13) The probability of finding a credit transaction is (4)/(13). That's 2 down. 3 left today — send the next one.