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2023 (ASSIGNMENT) Mathematics in Practical Situations
2023 (ASSIGNMENT) Mathematics in Practical Situations
(E.MATH)
MATHEMATICS IN PRACTICAL
SITUATIONS/ FINANCIAL
MATHEMATICS
ASSIGNMENT QUESTIONS
1
E MATH Assignment 01A – Percentage, Profit and Loss Deadline:
Tier A
1. Alice sold a handbag for $176. He made a profit of 10%. Calculate the cost price of
the handbag.
(Ans:$160)
2. Bala bought a painting for $50. Several years later, he sold it at a profit of 350%. Find
the selling price.
(Ans: $225)
3. The profit on a handphone is 35% of the cost price. If the profit is $140, find,
(a) the cost price,
(b) the selling price of the handphone.
(Ans:(a) $400 (b) $540)
4. A profit of 32% on the cost price was made by selling an article for $16.50.
Calculate the profit made.
(Ans: $4)
5. During a sale, Huda reduced the price of her paintings by 20%. Calculate the normal
selling price of a painting which was priced at $15 800 during the sale.
(Ans: $19 750)
6. The price of a set of computer system depreciates each year by 20%. If the price of
the system at the end of the second year is $1500, what was the original price of the
system, giving your answer to the nearest dollar.
(Ans: $2344)
7. An establishment bought 4 dozens items at $18.50 each. At what price was each item sold if
the total profit incurred is $426?
(Ans: $27.38)
8. Viknesh receives 400kg of coconuts, for which he pays 70 cents per kg. On average, 8% of
the coconuts will spoil. Determine the selling price per kg in order to obtain a 75% profit on
the cost.
(Ans: $1.33)
Tier B
9. The marked price of a vase is $350. When it is sold at a discount of 15% by Xiao Jie,
there is still a profit of 24% on the cost price. Find the
(a) selling price of the vase.
(b) cost price of the vase.
(c) profit or loss as a percentage of the cost price if the vase is sold for $120.
(Ans: (a) $297.50 (b) $239.92 (c) 50.0%)
2
10. A saleswoman made a mistake in marking the price of an article at $250. As a result,
when she sold it at a discount of 10%, she lost $62.
(a) What was the cost price of the article?
(b) What would be the marked price of the article so that she could make a profit of
$37 whilst giving the same discount of 10%?
(Ans: (a)$287, (b)$360)
11. Teddy, Colin and Azmat each decided to buy a new motorbike that was priced at $8500.
Teddy was given a discount and he paid $8202.50 for the motorbike in cash.
(a) Calculate the percentage discount he received.
(b) The value of the new motorbike depreciates by 12% during the first year. In
the second year, its value depreciates by 20% of its value at the beginning of
the year. If Teddy sold off his motorbike at the end of the second year, how
much money would he lose?
(Ans: (a) 3.5% (b) $2218.50)
12. Along a particular stretch of road in Singapore, three petrol stations , Greens, Reds
and Blues were having a price war.
(a) Alvin pumped petrol at Greens which offered 8 % discount. The price of the
petrol was $ 1.24 per litre before discount. He paid $ 28.52 for his petrol. How
many litres of petrol did he pump?
(b) To reward regular customers, Reds and Blues came out with privilege cards with
the following benefits. Bernard , being a privilege card member of Blues,
pumped 52 litres of petrol at $ 1.24 per litre before discount. How much discount
did he receive in all?
8 % off all petrol , plus
Reds
$1 off for every $20 on final bill
10% off all petrol, plus
Blues
3% off the final bill
(c) Carol holds privilege cards from these 2 stations. She was wondering which
petrol station to go to, in order to save more money. She needed to pump 44.5
litres of petrol at $ 1.24 per litre before discount. Which station offers her a
better discount?
How much did she save ?
(Ans: (a) 25 (b) $8.19 (c) Blues, $0.59)
13. In 2007 a salesman was paid a basic salary of $33000.
a. He was paid in 12 equal monthly installments. Calculate the sum that he
received each month. [1]
b. At the end of the year he was also paid a bonus of 1.5% of the value of the
sales that he made during the year. In 2007 the value of his sales was
$196000. Calculate the total income (basic salary and bonus) that he
received in 2007. [2]
c. In 2008 his basic salary was increased to $36000.
i. Calculate the percentage increase in his basic salary from 2007 to
2008. [2]
3
ii. In 2008 he was paid again a bonus of 1.5% of the value of his sales.
His total income was $39660. Calculate the value of the sales that he
made that year. [2]
d. In 2009 his basic salary was unchanged to $36000, but the percentage
used to calculate his bonus was changed. The value of his sales was
$284000 and his total income was $42390. Calculate the percentage used
to find his bonus in 2009. [2]
e. His basic salary was $33000 in 2007 was an increase of 10% on his basic
salary in 2006. Calculate his basic salary in 2006. [2]
(Ans: $2750, $35940, 9.09%, $244000, 2.25%, $30000) (GCE O’ Level)
14. Rush’s received a salary cut by 15% in year x. In year (x+1) he received a pay
increment of 15%. Was his eventual pay more or less or break even that before the
pay cut?
Justify your reasons mathematically.
(Ans: less)
4
E MATH Assignment 01B – Simple and Compound Interest Deadline: _____________
Tier A
1. Calculate the simple interest on $984 for 10 months at 8.75% pa.
(Ans: $71.75)
3. A bank offers simple interest at the rate of 5% p.a. for savings accounts.
a. Mr Tan deposited $8000 with the bank. Find the amount of interest earned after
6 years
b. Mrs Lim deposited $x with the bank. Find the value of x if the total amount of
interest earned after 4 years is $800.
c. Jenny deposited $3000 with the bank for t years. Find the value of t if her
deposit increased to $3750 after t years.
4. Ravi invested $500 at 6% simple interest per year. Calculate how much interest had
been earned after 8 months.
(Ans: $20)
5. Anna invests a sum of money at an annual rate of 5 % simple interest. Find the sum
of money if it yields $200 after 5 years.
(Ans: $800)
6. A sum of $350 is invested by Xin Le at simple interest and amounts to $476 after 3
years. Calculate
(a) the total interest,
(b) the interest rate per annum.
(Ans: (a) $126 (b) 12)
7. Kelly invests $5000 in a savings account which pays compound interest at the rate of
4.8% per year. Calculate the total interest earned in 6 years.
(Ans: $1624.27)
8. Fauzi invested $400 in an account which pays 5% per year compound interest
compounded yearly. Find the total amount in the account at the end of 3 years.
(Ans: $463.05)
9. Stanley invested a sum of $5400 at 3% per annum for 5 years. Find the total interest
accumulated if it is calculated as
(a) simple interest,
(b) compound interest that is compounded monthly.
(Ans: (a) $810 (b) $872.73)
5
10. Ah Heng deposited $200,000 in a bank that pays 1.45% per annum compound
interest compounded half yearly. Calculate the total amount that Ah Heng will
receive at the end of 3 years, giving your answer to the nearest cent.
(Ans: $208,859.22)
11. (a) On 12 September 2013, Arian invested some money in a bank which pays simple
interest at a rate of 3% per annum. He would be able to receive $573.75 in total
interest on 12 December 2015. How much money did Arian invest in the bank?
(b) At the same time, Arian also invested $12 000 in another bank that pays
compound
interest at a rate of 2.25% per annum compounded half-yearly. How much
money
will Arian get back at the end of 5 years?
(Ans: (a) $8500 (b) $13 420.43)
12. Ethan deposited $500 in UBB Bank which offers a 4% per annum simple interest rate.
En Yi deposited the same amount of money in POBB Bank which offers a 4% per
annum compound interest rate compounded monthly. Calculate
(a) the amount of interest Ethan receives at the end of 18 months,
(b) the total amount En Yi receives at the end of 1 year, correct to the nearest cent.
(Ans: (a) $30 (b) $520.37)
Tier B
13. The following table shows the details of 3 investment plans.
Mr Seow wants to invest $100000 into one of the 3 plans over a period of 5 years.
Which plan should he invest in? Justify your answer with mathematical calculations.
(Ans: Plan B)
14. Yu Ming and Zi Xuan plan to invest $2000 each year for 2 consecutive years.
(a) On 1 April 2008, Yu Ming invested $2000 for 2 years at 5% per annum simple
interest. He invested another $2000 for 1 year at 6% per annum simple interest on 1
April 2009. How much will he get altogether if he withdraws all the money on 1
April 2010?
(b) Zi Xuan deposits $2000 into his bank account every year from 1 April 2008
for 2 consecutive years. The bank pays 5% per annum compound interest. If he
withdraws all the money on 1 April 2010, will he or Yu Ming receive more money
and by how much more?
(Ans: (a) $4320 (b) Yu Min receives $15 more.)
6
15. On 1st January 2010, Ashley invested $50 000 in Bank A which paid simple interest of
1.5% per year. On 1st January 2013, Ashley withdrew all her investment from Bank A
and invested everything in Bank B which paid an interest of 1.2% per year compounded
half-yearly. On 1st January 2015, Ashley withdrew all her investment from Bank B.
Find the total interest Ashley earned in her 5 years investment.
(Ans: $3 515.33)
16. Justin is taking a 3-year degree course that costs him a total of $48 000.
(a) Justin’s parents agree to pay 20% of his course fee. Find the remaining amount that
Justin has to pay.
Justin decides to take a study loan to pay the remaining course fee. The following shows
different loan packages that he can take.
Package I : Compound interest of 4.5% per annum compounded annually,
repayment period of 5 years.
Package II : Simple interest of 5% per annum, repayment period of 6 years.
(b) Find the total amount of repayment if he takes Package I.
(c) Find the total amount of repayment if he takes Package II.
(d) Which package will Justin take if he can only afford to pay a maximum of $700 per
month?
(Ans: (a) $38 400 (b) $47 853.39 (c) $49 920 (d) Package II)
17. Jill and Jack saved some money over a number of years.
(a) On 1 May 1998, Jill opened an account by investing $900. The account paid 6%
per annum compound interest.
(i) On 1 May 1999, she invested another $900 into the account.
Find the total sum in the account immediately after this investment. [1]
(ii) On 1 May 2000, she invested a further $900.
Find the sum of money in the account immediately after this investment. [1]
(iii) On 1 May 2001, she made a final investment of $900 into the account.
Then on 1 May 2002, she withdrew all of the money in the account.
Find, correct to the nearest cent, the sum of money she withdrew. [2]
(b) On 1 May 1998, Jack invested $900 for 4 years at 6% per annum simple interest.
(i) Find the interest he received on his investment for 4 years. [1]
(ii) On 1 May 1999, he invested another $900 for 3 years at 6% per annum simple
interest. On 1 May 2000, he invested another $900 for 2 years at 6% per annum
simple interest. On 1 May 2001, he invested a final $900 for 1 year at 6% per
annum simple interest.
Copy and complete the following table: [1]
Sum invested Time Interest received
$900 3 years
$900 2 years
$900 1 year
Then Jack withdrew all of his money on 1 May 2002.
Find the sum he withdrew. [1]
(Ans: $1854, $2865.24, $4173.38, $216, $4140)
7
E MATH Assignment 01C – Hire Purchase Deadline: _____________
Tier A
1. The cash price of a computer package deal was $3200. Mary paid a 15% down payment
and the outstanding balance plus interest over 24 months. Interest on the balance was
charged at 9.5%
(a) Find the cost of the package deal if it is bought on hire purchase.
(b) Find the difference between the hire purchase price and the cash price.
(Ans: $3716.80, $516.80)
2. Moon bought a mattress priced at $4200. He paid for it by making 12 equal monthly
instalments on a hire-purchase loan at the flat rate of 6% p.a. How much was the monthly
instalment?
(Ans: $371)
Tier B
4. The cash price of a sofa set is $4380. Brown paid for it by hire purchase, with down
payment of 15% and the remaining amount over 18 equal monthly installments with
interest charged at a flat rate of 5% per annum. Find
(a) the interest charged by the hire purchase scheme,
(b) the amount of each instalment.
(Ans: (a) $279.23 (b) $222.35)
5. The cash price for a laser printer is $3960. Edward paid for it by hire-purchase, with zero
downpayment, at a monthly instalment of $183.15 over 24 months. Find the flat rate of
interest of the hire-purchase loan.
(Ans: 5.5% p.a. simple interest)
6. James bought a car by hire purchase. The cash price of the car was $90000.
1
He paid a deposit of $9000 and the rest by monthly instalments over a period of 7
2
years. The bank charges a flat interest rate of 3% per annum on the amount loaned.
(a) Calculate the total interest he had to pay.
(b) If the first instalment was $900, find the monthly instalment for the remaining
months. (Assume that the monthly instalments for each of the rest of the months are
equal.)
(Ans: (a) $18225 (b) $1104.78)
8
7. Kai Le wishes to buy a new car that costs $80 000. However, he has to pay 10% as
down payment and loan the balance from a bank.
(a) Calculate the amount of money that he has to loan from the bank after paying for the
down payment.
The bank offers him two types of car loan scheme which he has to repay by monthly
instalments over the loan period.
Scheme A offers him a loan over a period of 5 years at 3.5% per annum simple interest.
(b) Calculate the total amount of loan he has to pay at the end of 5 years.
(c) Calculate the monthly instalment.
Scheme B offers him a loan over a period of 6 years at 3% per annum compound interest
compounded annually.
(d) Calculate the total amount of loan he has to pay at the end of 6 years, correct to the
nearest dollar.
(e) Calculate the monthly instalment, correct to the nearest dollar.
(f) Determine which scheme Kai Le should take up and why.
(Ans: (a) $72 000 (b) $84 600 (c) $1410 (d) $85 972 (e) $1194
(f) Scheme A, The total loan payable is lower.)
9. Mr Seow wishes to buy a new car which costs $164000 (inclusive of Certificate of
Entitlement). There are 2 different car loan plans he can opt for. In Plan A, he has to pay
a down payment of $50000, a monthly installment of $1096 for 83 months and a final
payment of $47000 at the end of the 7th year. In Plan B, he has to pay a down payment
that is 55% of the price of the car and take up a car loan for the remaining 45%,
payable by monthly installments over a period of 5 years at a simple interest rate of 4%
per year.
(a) Calculate the total amount Mr Seow will have to pay for the car under Plan A.
(b) Calculate the monthly installment Mr Seow has to pay under Plan B.
(c) Express the difference between the 2 plans as a percentage of Plan B.
(Ans: (a) $187968 (b) $1476 (c) 5.15%)
9
E MATH Assignment 01D – Currency Exchange Deadline: _____________
Tier A
1. The exchange rate between Singapore dollar (SGD) and the Australian dollar (AUD) is
SGD 1 = AUD 0.7639 in year t. The rate of exchange between US dollar (USD) and the
Australian dollar (AUD) is USD 1 = AUD 1.0424 in the same year.
a. Find
i. The amount SGD received in exchange for 1 AUD.
ii. The amount in USD received in exchange for 1 AUD.
b. Hence, find
i. The amount in USD received in exchange for SGD 1000.
ii. The amount in SGD received in exchange for USD 200.
(Ans: SGD 1.31, USD 0.960, USD 732.83, SGD 272.92)
2. Mr Chen changed S$3200 into Australian currency for his trip to Perth.
Upon returning, he changed the remaining A$64 into Singapore currency.
Given that the exchange rate is A$1 to S$1.25, calculate the amount he spent for this
trip, in Singapore dollar.
(Ans: $3120)
Tier B
3. A book publisher sets the price of a book at $6.80 per copy. The publisher pays the
author royalties as follows: 8% of the selling price for the first 2000 copies sold, 10% of
the selling price for the next 2000 copies and 12% of the selling price for the remaining
copies sold.
(a) If 6855 copies of the book were sold, calculate the amount of royalties received by
the author.
(b) Find the profit made by the publisher if the production cost amounts to $24000.
The production cost does not include the royalties paid to the author. Express it as a
percentage of the production cost.
(c) The publisher sold 3560 copies of the book to a Malaysian distributor at RM13.60
per copy. For the export sales, the publisher pays the author royalties at a flat rate of
5% of the total sales. Calculate, to the nearest cent, the amount of royalties the
author will receive, in Singapore dollars, if the exchange rate is S$100 = RM229.
(Ans: (a) $4777.68 (b) 74.318% (c) S$1057.12)
4. Mr and Mrs Wong went on a holiday to USA and Hong Kong. They changed S$7200
and S$2800 into US$ and HK$ respectively. Expressing to the nearest dollar,
calculate the amount of
(a) US$ they received, if S$1.268 could be exchanged for US$1.
(b) HK$ they received, if S$16.44 could be exchanged for HK$100.
(c) After the trip, they returned with an unspent amount of US$135 and HK$265.
They exchanged all the foreign currency back to Singapore dollars. If US$1 could
be exchanged for S$1.252 and HK$100 could be exchanged for S$16.41,
how much S$ did they receive in total? Give your answer correct to the nearest
dollars and cents.
10
5. Sally, Ann and Mary compete to find out who is able to earn the most money from $5000
after 10 years. Sally decides to put her $5000 in a savings company that offers 5%
simple interest per year. Ann decides to invest in Vietnamese currency. She exchanged
$5000 at a rate of SGD$1 to 16000 Vietnamese dong (VND). 10 years later,
she exchanged back the cash at an exchange rate of SGD$1 to 12500 VND. Mary sets a
target to earn $3000. In order to achieve the target, she invests her $5000 in a bank that
offers an interest rate of x% compounded yearly.
(a) Find the value of x correct to 1 decimal place.
(b) Determine who wins the competition. Show your workings clearly.
(Ans: (a) 4.8 (b) Mary won the competition)
At the beginning of 2013, Mr Bala invested Singapore Dollars ($) 480 000 in this foreign
bank account.
(i) Calculate the amount invested by Mr Bala in euros (€).
(ii) The foreign bank account offers an interest rate of 2.5% per annum compounded half
yearly. Calculate the amount in euros (€) that Mr Bala can withdraw at the end of 2016.
(iii) At the end of 2016, Mr Bala decided to close the account and withdraw the money. At
the end of 2016, the currency exchange table shown at the foreign bank in Singapore is as
follow.
Calculate the amount he withdrew in Singapore Dollars ($), correct to the nearest dollar.
(Ans: (i) €322493.95 (ii) € 356190.09 (iii) SGD 534677)
11
E MATH Assignment 01E – Taxation, Utilities Bill, Others Deadline: _____________
2. Mr and Mrs Smith want to renovate their newly-bought house. The renovation would
cost $30 000 and they have to take up a bank loan. They approached two banks and the
loan schemes offered are as follows:
Bank X Bank Y
Monthly repayment: $895 Monthly repayment: $605
Loan tenure: 3 years Loan tenure: 4.5 years
(a) Assuming that time is not a consideration, which bank should they borrow money
from? Give a reason for your answer.
(b) Calculate the interest rate offered per annum by Bank Y.
After renovations, Mr Smith purchased a home theatre system for $10 990. He bought it
on hire purchase with a down-payment of $2000 and a flat interest rate of 1.5% p.a for
2 years.
(c) Calculate Mr Smith’s monthly repayment for the home theatre system.
(d) Find the percentage increase in the cost of the home theatre system via hire purchase.
Due to the installation of the home theatre system, Mr Smith spends most of his time at
home watching DVDs. As a result, the electricity usage has gone up by 20% as
compared to the previous month. Given that the tariff rate for electricity is $0.22/kWh,
(e) Calculate the cost of electricity for the current month if 143kWh was consumed in
the month before.
(Ans: (a) Bank X (b) 1.98 (c) $385.82 (d) 2.45% (e) $37.75)
3. Mr Ong wanted to buy a new car from a dealer. The dealer presented him with a bill
which was made up of the basic cost price of the car plus a charge of $12500 for the
Certificate of Entitlement (COE). In addition, a GST of 7% and a commission of
2.5% were charged on basic cost price of the car. The total bill, including the tax and
commission, came to $88282.76. Calculate
(a) the amount of GST,
12
(b) the basic cost price of the car,
(c) the ratio of the commission to the basic cost price of the car in lowest term.
(Ans: (a) $4844.56 (b) $69208 (c) 1 : 40)
4. During an Information Technology Fair, two different brands of televisions are on sale.
The selling price of these televisions is shown below:
5. (a) A tourist stayed at a hotel that offered a week’s stay at $1175. A service charge of
10% of $1175 and surcharge of 1% of $1175 would be added to the basic charge of
$1175. In addition, he would have to pay a goods and services tax (GST) of 7% of
the total charge.
(i) Calculate the amount he would have to pay for his stay at the hotel.
(ii) Express the increase in cost due to service charge, surcharge and GST as a
percentage of the basic charge.
(b) During his stay, he attended a concert at the Esplanade. The price of the ticket was
$201.16. This price included a GST of 7%. Calculate the GST that was paid.
(c) He bought his return air ticket at a discounted price of $680. If the discount was
15%, calculate the actual price of the air ticket.
(Ans: (a) (i) $1395.55 (ii) 18.77% (b) $13.15 (c) $800)
13
6. A company manufactures biscuits.
(a) One batch of biscuits contains 300 grams of dried fruit. This consists of almonds
and raisins, with masses in the ration 2 : 3. Find the mass of the almonds.
(b) The mixture used to make one batch of biscuits has a mass of 8 kg. The mixture
loses 15% of its mass when it is cooked to make the biscuits.
(i) Calculate the mass of one batch of biscuits.
(ii) Each biscuit has a mass of 17 grams. One batch of biscuits is put into packets.
Each packet contains 15 biscuits. Find how many packets can be filled,
and the number of biscuits remaining.
(c) Mr. Ho wants to buy all the packets, and one packet of biscuit is sold at $2.30.
How much is the GST (Goods and Services tax of 7%) he must pay? Round up
your answer to the nearest 10 cents.
(Ans: (a) 120 g (b) (i) 6.8 kg (ii) 10 (c) $4.20)
7. The table below shows the tax rates for tax assessment of year 2011.
Candice earned a chargeable income of $154 000 in 2010.
(i) Calculate the income tax paid by Candice for tax assessment year 2011.
(ii) For 2012, she paid income tax of $8 850. Calculate Candice’s chargeable
income, given that the tax rates in 2012 are the same as in 2011.
(Ans: (i) $14 660 (ii) $112 500)
14
8. For the year ended 2011, Mr Lim’s salary is $95000 per annum. He lives with his wife, 3
children and 2 retired parents. He was given the following reliefs.
(a) Calculate
(i) the total income tax reliefs he is able to claim.
(ii) his taxable income for the year ended 2011.
(b) Based on the table of income tax rates shown above, calculate the amount of income
tax he has to pay.
(c) Calculate the percentage of his salary that is used to pay the income tax, giving your
answer correct to 4 significant figures.
(Ans: (a) (i) $35000 (ii) $60000 (b) $2600 (c) 2.737%)
15
9. Mr. Tan (a Singaporean working in Thailand) would be coming home for a week.
(a) On arrival at Changi Airport, he exchanged some Thailand Baht (B) to Singapore
Dollars (S$) at a foreign exchange stall. The rate of exchange between Singapore
Dollars (S$) and Thailand Baht is S$1 = B24.64. He brought B25,000.
Calculate the amount of S$ he can get, to the nearest cent.
(b) Mr. Tan brought his family to a restaurant for a meal. The total bill is made up of
the food he ordered (S$x), a service charge of 10% and another 7% GST on both
the food and service charge. The total bill came up to an amount of S$90.
(i) Find out the cost of the food, S$x, correct to the nearest Dollars.
(ii) Using the answer in (i), express the extra amount he needs to pay due to
the GST and service charge as a percentage of the cost of the food he ordered.
(c) A shop claimed that it would absorb GST and gives a discount of p%. Mr. Tan paid
S$644 for the camera after getting the discount. The camera originally costs S$805.
Find p.
(d) Mr. Tan brought his wife and two children to a shopping mall. There was a
promotion on that day. The table shows the rebate customers can claim based on
their family expenditure.
The wife bought a handbag at $35 and the two children spent $12.50 each.
Mr. Tan bought a wallet at $60. How much was the rebate?
(Ans: (a) S$1014.61 (b) (i) $76 (ii) 18.4% (c) 20% (d) $8.90)
16