Mathematics 4024 · O Level · Money

Money — practice question

Basma is the owner of a toy shop.
(a)[1]

The notice gives the shop's opening times. Saturday to Wednesday 10:30 to 18:00 Thursday and Friday 10:00 to 19:30 Work out how long the shop is open in one week.

(b)[3]

Basma has 5 sales assistants and 2 supervisors. In one particular week, each of the 5 sales assistants works 30 hours and each of the 2 supervisors works 38 hours. For that week, Basma pays the 7 employees a total of $3324.70. Basma pays each sales assistant $13.45 per hour. Calculate the hourly pay of each supervisor.

(c)[4]

The exchange rate between dollars ($) and pounds (£) is $1 = £0.77. Basma buys 50 identical games for £245 in total. She earns a profit of $39\%$ when she sells each game. Calculate the selling price of one game in dollars. Give your answer correct to the nearest cent.

(d)[3]

Basma puts $12000 into an account that pays compound interest at $1.5\%$ per year. At the end of year 1, she adds another $12000 to the same account. At the end of year 4, she withdraws $20000 from the account. Calculate how much money is left in the account at the end of year 4. Give your answer correct to the nearest cent.

Worked solution & mark scheme

This 11-mark question has a full step-by-step worked solution and mark scheme. One marking point: 56.5 hours

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI