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Informal Test

1.1 Study the following bank statement and answer the questions that follow:

\begin{tabular}{|l|l|l|l|l|}
\hline
DATE & DESCRIPTION & DEBIT & CREDIT & BALANCE \\
\hline
\begin{tabular}{l}
Brought \\
forward
\end{tabular} & & & & [tex]$R 678,00$[/tex] \\
\hline
[tex]$2016-11-04$[/tex] & Monthly account fee & [tex]$R 33,50$[/tex] & & \\
\hline
[tex]$2016-11-07$[/tex] & Medical aid & [tex]$R 550,00$[/tex] & & \\
\hline
[tex]$2016-11-11$[/tex] & Cash Deposit & [tex]$R 150$[/tex] & [tex]$R$[/tex] & \\
\hline
[tex]$2016-11-14$[/tex] & ATM - Sparga & [tex]$R 300$[/tex] & & \\
\hline
[tex]$2016-11-20$[/tex] & MD Electronics & & [tex]$R 5800,00$[/tex] & \\
\hline
[tex]$2016-11-22$[/tex] & \begin{tabular}{l}
Faniswa's bursary \\
payment.
\end{tabular} & & & \\
\hline
[tex]$2016-11-24$[/tex] & Carried forward & & & \\
\hline
\end{tabular}

1.1.1 Write down the amount brought forward in words. (2)

1.1.2 How much did Funiswa's bursary fund deposit in the account? (2)

1.1.3 Debit is an act of taking money out of one's account. Credit is an entry into the account that shows the payment has been made. Use the information above to calculate [tex]$A$[/tex]. (3)

1.2 Mr. John is to deposit R5 000 in his bank account. Service fees for deposits are calculated as follows:
- Cash deposit: At ATM: [tex]$R 4,80 + 1,20\%$[/tex] of the value.
- At a branch: [tex]$R 8,00 + 1,50\%$[/tex] of the value.

John claims that the difference of depositing R5 000 at an ATM and at a branch is R18,20. Verify this statement.



Answer :

GinnyAnswer
Sure! Let's go through each part of the question step-by-step.

### 1.1.1 Amount Brought Forward in Words
The amount brought forward in the bank statement is R678.00. Writing this amount in words:
Answer:
Six Hundred Seventy-Eight Rand

### 1.1.2 Funiswa’s Bursary Fund Deposit
To find out how much Funiswa's bursary fund deposited in the account, we need to consider the final balance after all transactions and calculate backward:

1. Initial balance: R678.00
2. Subtract debits:
- Monthly account fee: R33.50
- Medical aid: R550.00
- ATM - Sparga: R300.00
3. Add credits:
- Cash Deposit: R150.00
- MD Electronics: R5800.00

Given that the final balance after all transactions is R5744.50 (determined after calculating all debits and credits), the deposit contributed by Funiswa’s bursary fund is:

Answer:
R5800.00

### 1.1.3 Calculating A (the balance after all transactions)
To determine the balance after all transactions (denoted as A in the problem), we calculate it step-by-step:

Initial Balance:
R678.00

Subtract Debits:
- Monthly account fee: 678.00 - 33.50 = 644.50
- Medical aid: 644.50 - 550.00 = 94.50
- ATM - Sparga: 94.50 - 300.00 = -205.50

Add Credits:
- Cash Deposit: -205.50 + 150.00 = -55.50
- MD Electronics: -55.50 + 5800.00 = 5744.50

Hence, the final balance after all these transactions:

Answer:
R5744.50

### 1.2 Difference in Deposit Fees at ATM and Branch
To verify John’s claim about the difference in deposit fees when depositing R5000 either at an ATM or a branch, we must calculate the fee for both methods:

ATM Deposit Fee:
- Base fee: R4.80
- Additional percentage fee: 1.2% of R5000 = 0.012 5000 = R60.00
- Total ATM fee: R4.80 + R60.00 = R64.80

Branch Deposit Fee:
- Base fee: R8.00
- Additional percentage fee: 1.5% of R5000 = 0.015 5000 = R75.00
- Total Branch fee: R8.00 + R75.00 = R83.00

Difference:
- Branch fee: R83.00
- ATM fee: R64.80
- Difference: R83.00 - R64.80 = R18.20

John's claim about the difference being R18.20 is verified.

Answer:
The difference in depositing R5000 at an ATM and at a branch is indeed R18.20.