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Exam-Style Question on FinanceA mathematics exam-style question with a worked solution that can be revealed gradually |
Question id: 691. This question is similar to one that appeared on a GCSE Higher paper in 2022. The use of a calculator is allowed.
(a) Davy Browning earns £54000 per year before paying tax.
He pays tax on his earnings at a rate of 18%.
Calculate the amount Davy has after paying tax.
(b) Patty O’Dawes earns £57810 per year after paying tax at a rate of 18%.
Calculate the amount that Patty earns before paying tax.
(c) Davy opens a savings account with £2500.
The account pays 2.4% per year simple interest.
Calculate the amount in Davy’s account at the end of 5 years.
(d) Patty opens a savings account with £500 at the same time ad Davy.
The account pays 2.1% per year compound interest.
Patty pays another £500 into her account on the same day every year.
Find who has the greater amount in their account at the end of 5 years.
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