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The Africa Cup of Nations, the winning soccer team was promised 7 million. The team, including the technical staff, has a total number of 30 members. They are going to share the 7 million equally.

Mathematics

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Step-by-step solution

11 steps

4.1.1

  1. Convert "7 million" into digits.

    One million is 1 000 0001\,000\,000.
    So, 7 million is 7×1 000 000=7 000 0007 \times 1\,000\,000 = 7\,000\,000.

    7 000 000\boxed{7\,000\,000}

    4.1.2

  2. Identify the total winning money and the total number of members.

    Total winning money = R7 000 0007\,000\,000.
    Total members = 30.

  3. Calculate the amount each member will receive.

    Amount per member=Total winning moneyTotal members\text{Amount per member} = \frac{\text{Total winning money}}{\text{Total members}} Amount per member=R7 000 00030\text{Amount per member} = \frac{\text{R}7\,000\,000}{30} Amount per member=R233 333.333...\text{Amount per member} = \text{R}233\,333.333...

  4. Round the answer to the nearest 1 0001\,000.

    Rounding R233 333.333...233\,333.333... to the nearest 1 0001\,000 gives R233 000233\,000.

    R233 000\boxed{\text{R}233\,000}

    4.2.1

  5. Identify the amounts in foreign currency and the commission rate.

    US Dollars = 5 0005\,000.
    British Pounds = 2 0002\,000.
    Commission rate = 2.5%2.5\%.

  6. Identify the correct exchange rates (buying rates) from Table 4, as the player is converting foreign currency into Rands.

    Buying rate for US Dollar = R$19.1305$.
    Buying rate for British Pound = R$24.3861$.

  7. Convert the US Dollars to Rands.

    Rands from USD=5 000×R19.1305\text{Rands from USD} = 5\,000 \times \text{R}19.1305 Rands from USD=R95 652.50\text{Rands from USD} = \text{R}95\,652.50

  8. Convert the British Pounds to Rands.

    Rands from GBP=2 000×R24.3861\text{Rands from GBP} = 2\,000 \times \text{R}24.3861 Rands from GBP=R48 772.20\text{Rands from GBP} = \text{R}48\,772.20

  9. Calculate the total amount in Rands before commission.

    Total Rands before commission=R95 652.50+R48 772.20\text{Total Rands before commission} = \text{R}95\,652.50 + \text{R}48\,772.20 Total Rands before commission=R144 424.70\text{Total Rands before commission} = \text{R}144\,424.70

  10. Calculate the commission amount.

    Commission=2.5%×R144 424.70\text{Commission} = 2.5\% \times \text{R}144\,424.70 Commission=0.025×R144 424.70\text{Commission} = 0.025 \times \text{R}144\,424.70 Commission=R3 610.6175\text{Commission} = \text{R}3\,610.6175

  11. Subtract the commission from the total Rands to find the deposited amount.

    Amount deposited=R144 424.70−R3 610.6175\text{Amount deposited} = \text{R}144\,424.70 - \text{R}3\,610.6175 Amount deposited=R140 814.0825\text{Amount deposited} = \text{R}140\,814.0825

    Rounding to two decimal places for currency:

    Amount deposited=R140 814.08\text{Amount deposited} = \text{R}140\,814.08 R140 814.08\boxed{\text{R}140\,814.08}

    4.2.2
    The difference between buying and selling foreign currency rates exists because financial institutions, like banks, need to make a profit from currency exchange transactions. They buy foreign currency from customers at a lower rate (the buying rate) and sell it to customers at a higher rate (the selling rate), with the difference being their profit margin.

    Banks and financial institutions charge different rates to make a profit. They buy foreign currency at a lower rate and sell it at a higher rate.\boxed{\text{Banks and financial institutions charge different rates to make a profit. They buy foreign currency at a lower rate and sell it at a higher rate.}}
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