## Financial Maths Answers

## 1. State what is meant by a 'salary'

## Earnings per year

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## 2. Gary earns £8.49 an hour working in a restaurant, he works 42 hours a week, calculate his gross weekly pay

## £356.58

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## 3. If Dave earns £2,745 a month and pays 20% income tax on this, how much tax does he pay each month?

## £549

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## 4. Jane earns £19,489 a year and works around 40 hours per week. Based on this what is her hourly pay?

## £9.37

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## 5. Calculate the amount of interest earned on an investment of £900 at 3% compound interest for 6 years

## £1746.47

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## 6. State what is meant by VAT

## A tax that is paid on goods and services

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## 7. A car depreciates in value at a rate of 25% a year, its original value was £12,699, what is the car worth after 3 years?

## £5357.39

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## 8. A business made £36,865 profit in 2017, in 2018 they made £41,382. What is the percentage increase in profit from 2017 to 2018?

## 12.25%

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## 9. One pack of biscuits costs £1.40, if you buy two you get a 25% discount on the total price, what is the final cost of two packets?

## £2.10

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## 10. An investment of £8000 gets a compound interest rate of 4.2%, what will the investment be worth after 2 years?

## £8686.11

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