This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
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Here are the solutions to Question 2: 2.1 How much was in the account on the day the statement was issued? Step 1: Identify the statement issue date and the corresponding balance. The statement period is from 01/07/2020 to 31/08/2020. The statement was issued on 31/08/2020. Step 2: Read the closing balance for 31/08/2020 from the statement. The closing balance on 31/08/2020 is R13 626,00. There was R13 626,00 in the account on the day the statement was issued. 2.2.1 Determine the value of A, the amount that was available in the account after the deposit on 04/07/2020. Step 1: Identify the opening balance and the deposit amount. Opening balance (01/07/2020) = R2 300,00 Cash deposit (04/07/2020) = R7 200,00 Step 2: Calculate the balance after the deposit. A = Opening balance + Cash deposit A = R2300,00 + R7200,00 = R9500,00 The value of A is R9500,00. 2.2.2 How much in total would Pamela have in her account in the period of the statement if she had done electronic payments instead of withdrawing money over the counter? Step 1: Identify the transaction charges for "Cash withdrawal on counter". • 18/07/2020: Transaction charge = R95,00 • 05/08/2020: Transaction charge = R247,00 Step 2: Calculate the total amount of these specific charges. Total counter withdrawal charges = R95,00 + R247,00 = R342,00 Step 3: Add these charges back to the closing balance, as electronic payments are free. New balance = Closing balance + Total counter withdrawal charges New balance = R13626,00 + R342,00 = R13968,00 Pamela would have R13 968,00 in her account. 2.3 Pamela claims that if she had not withdrawn any money during the period, she would have more than R55 000 in the account. Justify her claim using relevant calculations. Step 1: Identify all withdrawal amounts. • 06/07/2020: Cash withdrawal at ATM = R3 000,00 • 18/07/2020: Cash withdrawal on counter = R5 000,00 • 16/08/2020: eWallet to Mimi = R1 400,00 Step 2: Calculate the total amount of money withdrawn. Total withdrawals = R3000,00 + R5000,00 + R1400,00 = R9400,00 Step 3: Add the total withdrawals to the closing balance to find the balance if no money was withdrawn. Balance without withdrawals = Closing balance + Total withdrawals Balance without withdrawals = R13626,00 + R9400,00 = R23026,00 Step 4: Compare this amount to R55 000. R23 026,00 is not more than R55 000. Therefore, Pamela's claim is incorrect. 2.4 The Bank uses the following formula to calculate the transaction fee if the money is deposited at the branch ATM: Transaction fee = R2,50 + 0,95% of the amount deposited. Use the formula above to calculate the transaction fee if Pamela deposits R500. Round your answer to 2 decimal places. Step 1: Write down the given formula. Transaction fee = R2,50 + 0,95\% of the amount deposited Step 2: Substitute the amount deposited (R500) into the formula. Transaction fee = R2,50 + ((0,95)/(100) × R500) Step 3: Calculate the percentage of the amount deposited. Transaction fee = R2,50 + (0,0095 × R500) Transaction fee = R2,50 + R4,75 Step 4: Calculate the total transaction fee. Transaction fee = R7,25 The transaction fee is R7,25. That's 2 down. 3 left today — send the next one.