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.
ScanSolve AI Answer
4.1.1 Step 1: Convert "7 million" into digits. One million is 1\,000\,000. So, 7 million is 7 × 1\,000\,000 = 7\,000\,000. 7\,000\,000 4.1.2 Step 1: Identify the total winning money and the total number of members. Total winning money = R7\,000\,000. Total members = 30. Step 2: Calculate the amount each member will receive. Amount per member = Total winning moneyTotal members Amount per member = R7\,000\,00030 Amount per member = R233\,333.333... Step 3: Round the answer to the nearest 1\,000. Rounding R233\,333.333... to the nearest 1\,000 gives R233\,000. R233\,000 4.2.1 Step 1: Identify the amounts in foreign currency and the commission rate. US Dollars = 5\,000. British Pounds = 2\,000. Commission rate = 2.5\%. Step 2: Identify the correct exchange rates (buying rates) from Table 4, as the player is converting foreign currency into Rands. Buying rate for US Dollar = R19.1305. Buying rate for British Pound = R24.3861. Step 3: Convert the US Dollars to Rands. Rands from USD = 5\,000 × R19.1305 Rands from USD = R95\,652.50 Step 4: Convert the British Pounds to Rands. Rands from GBP = 2\,000 × R24.3861 Rands from GBP = R48\,772.20 Step 5: Calculate the total amount in Rands before commission. Total Rands before commission = R95\,652.50 + R48\,772.20 Total Rands before commission = R144\,424.70 Step 6: Calculate the commission amount. Commission = 2.5\% × R144\,424.70 Commission = 0.025 × R144\,424.70 Commission = R3\,610.6175 Step 7: Subtract the commission from the total Rands to find the deposited amount. Amount deposited = R144\,424.70 - R3\,610.6175 Amount deposited = R140\,814.0825 Rounding to two decimal places for currency: Amount deposited = R140\,814.08 R140\,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. 3 done, 2 left today. You're making progress.