Project #72753 - Consumer Maths Assignment

Question 1


a) If a coat priced at $150 is marked up by 60%, what is its sale price?





b) An antique chair which cost a store owner $360 is sold for $690. Determine the mark-up as a percentage of the cost price.





c) Fin the cost of a $25.40 item after GST is applied to it.





d) Robert’s grocery bill comes to $184.36 of which $52 was for items that don’t incur GST. Determine how much GST Robert pays on his groceries.


What was the cost of groceries that incurred GST?



(ii) Determine how much GST Robert paid.




Question 2


A retailer buys a lounge setting from a wholesaler for $2 000, including GST.


How much was the GST on the lounge setting?



b) After claiming the GST credit, how much did the retailer pay for the lounge setting (excluding  GST)?



c) How much should the retailer sell the lounge setting for if they wanted to make a 40% profit and must charge 10% GST on the sale?





Question 3


A 750g packet of Corn Flakes costs $5.70, whilst a 360g packet costs $3.75 and a 220g packet costs $2.68.


Determine which is the better value based on a cost per g basis.



b) Briefly discuss when it might be better to buy a smaller packet of product, rather than the cheapest per unit option.




Question 5


Research the buying and selling exchange rates for three foreign currencies and list them in the table below 





For $1.00 (AUD)   


Reference & Date obtained: 



b) Find out what $1 000 AUD would get you for each of the currencies you chose above.



Currency 1:


Currency 2:


Currency 3:




c) If you were to return with a thousand currency units of ONE of these currencies after a holiday there, how much would this be worth in Australian dollars?




Question 5



Sarah earns a salary of $78 000. Find out her weekly gross pay.



b) Charlie gets paid a wage of $765 for a 35 hour week. What is his hourly wage?



c) Gerry works a 35 hour week and is paid at $14.25 an hour. On one week works 6 hours overtime at time and a half and then 3 hours at double time. What is his pay fo the week.






d) Helena is paid a retainer of $150 per week and also earns a commission of of 15% of all sales she makes. Find her weekly pay when she sells $3000 worth of items.




e) Helena’s boss decides to change Helena’s pay schedule such that she will be paid a $150 retainer plus 20% commission of all sales she makes in excess of $800. If she sells $3000 worth of items in a week, determine whether she will be better or worse off under this new system.





Question 6



The Real Estate institute of Tasmania (REIT) publishes a recommended scale of fees and commissions.


List what their current fees and commission rates are.






b) Use this scale to work out the recommended charge made on a property selling for





(ii)  $790,000






Question 7



A car traded to a second hand car dealer for $3,500 is resold for $5,000, Find the mark up and the percentage mark up on the car.





b) Determine the percentage profit made by a retailer profit if a cello costing them $14,000 is sold for $19,000





c) A pair of walking boots costs an ‘outdoor shop’ $190 (excluding GST). How much will they need to be sold for if the retailer wishes to make a 40% profit and must also have 10% GST on it?







Question 8



Gary is going on a ski holiday in Japan.



For $1.00 (AUD)       







How many Yen will he get if he charges $4,000 AUD?





b) If he returns home to Australia with 8,000 Yen how much will he get for this in $ AUD?





Question 9



Bill works a 40-hour for which he is paid $14.75 per hour. He also works five hours overtime at time-and-a-half and four hours at double-time. What is his wage for the week?







Question 10



Robyn is paid a retainer of $200 per week and also a commission of %15 on all of her sales. How much does she earn in one week when her sales were $1600?




b) Robyn’s employer decides to introduce a new pay scheme where she will be paid a retainer of $180, but a commission of 20% on all sales exceeding $500.Determine whether she will be better of or worse of under this new arrangment when her sales are $1600.




Question 12


If Westpac (a bank) pays a dividend of $1.70, find:


The dividend paid to a shareholder with 450 shares.



b) The dividend yield on the shares if Westpac had a share value of $31.72



Question 13



Crazy Phil’s Phone Company announced an annual profit of $600,000. They distributed 25% of this to their shareholders who have 250 000 shares. If their share price was $18.00, find:



The dividend paid per share.



b) The dividend yield.



c) The price/earnings ratio




Question 14


McHenry Mining distributed $250,000,000 of their net profit to their shareholders who hold 280,000,000 shares. If their share price was $7.90, find:



d) The dividend paid per share.



e) The dividend yield.



f) If the company made a net profit of $500,000,000, determine the Price/Earning ratio.



Question 15


Terry purchased 1000 Telstra (an Australian phone company) shares for $3.70 and sold them for a year later when their value was $4.82. During this time she received a dividend of $0.28 a share.


It cost her 2% commission to buy the shares and then another 2% commission to sell the shares.


Work out how much profit she made on these shares during this time.




Question 16


Sandra has a bank account with a balance of $4500 at the start of August. Interest is paid at a rate of 3.4% per annam.


Transactions that occurred in August were:


August 10th          Deposit $500

August 15th          withdrawal $1,200

August 26th          withdrawal $600



Make a facsimile of Sandra’s account







b) Determine the balance after interest is added to her account at the end of August.




Question 17


Jane has 20 000 to invest for 3 years. Which of the following investment options gives her greatest yield foe her money? (show calculations for each)



6.2% simple interest.


b) 6.1% per annam. compounded monthly.


 c) 6.0% per annam. compounded quarterly.


 d) Which is the best option for Jane?











Question 18 


Philip would like to have $50 000 in his bank account for a house deposit in three years time. If a credit union offers him a deposit account of 7.0% and interest is calculated quarterly, determine how  much he needs to deposit.




b) Determine the interest rate (compounded monthly) that $9 000 must be invested at for 4 years to accumulate to $13 000.




c) Gary has $10 000 to put into a bank to save up for a trip to Africa. If his bank offers him an interest rate of 5.5% per month and his target savings figure is $12 000, for how long, to the nearest month, must he have the money in the bank to reach this figure.

Subject Mathematics
Due By (Pacific Time) 06/03/2015 08:15 am
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