10 Determine the least number of complete years for which a single investment

10 determine the least number of complete years for

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10. Determine the least number of complete years for which a single investment should be held at 6% compound interest per annum in order to realize double its original value. 11. A farmer found that a water pump goes for ksh:.75 000 cash. It’s offered on hire purchase under following terms 12% down payment and equal installment of ksh.4 000 for 18 months. If the farmer bought the pump on hire purchase, calculate the total amount he paid at the end of the hire purchase payment. 12. Below is an extract from the table of individual rates of tax. 1
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Total income (K£) pa Rate (kshs.) 1 – 4 512 2 4 513 – 9 024 3 9025 – 13 536 4 13 537 – 18 048 5 a) Lucy earns ksh.5 600 pm and gets a tax relief of ksh. 7250 p.a. How much should she pay as income tax p.m. b) Mr. Katuku earns ksh. 16 500 pm. He’s housed by his employer and pays a rent of ksh. 1 500 per month. For the purpose of income tax calculations, 15% of his salary is added due to housing, less any rent paid. If he gets tax relief of ksh. 715 per month, calculate how much PAYE he should pay per month.
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