Question 11 ( a )A retailer offers a trade discount of 30% and a cash discount of 10%. If a tradesperson pays cash of $315 for goods: ( i ) What was the list price of the goods bought?

( ii ) What is the percentage saved?

( b )Mo earns a monthly retainer of $1,000 plus 10% on all sales. ( i ) How much will Mo have to sell in a month in order to earn $4,000?

( ii ) What are Mo’s net earnings? Tax is withheld at the rate of 33 1/3%.

FNS40217 Cert IV Module 4.1 Assignment 1811

Unit: FNSACC313 Perform Financial CalculationsQuestion 12 Ken is offered a choice of two alternative earnings packages: Package 1 is commission only, at 20% on all sales. Package 2 is a monthly salary of $1,000 plus commission of 10% on all sales. ( a )If Ken expects to make monthly sales of $30,000, under which package would he earn more money? (Show your calculations).

( b ) At which monthly sales level would it make no difference which earnings package he chooses? (Show your calculations).

FNS40217 Cert IV Module 4.1 Assignment 1811

Unit: FNSACC313 Perform Financial CalculationsQuestion 13 ( a ) If the GST payable on a computer is 10%, how much tax is payable on a computer with a tax exclusive sale price of $3,300?

( b )The cost price to the retailer of an item is $4,400. If this figure includes tax of 10%, what is the price before tax of the item?

Question 14 ( a ) Calculate the value in 6 years of an investment of $1,000 earning 7% simple interest per year.

( b )If an investment earning simple interest of 6% p.a. is today worth $1,568, what was it worth 2 years ago?

FNS40217 Cert IV Module 4.1 Assignment 1811

Unit: FNSACC313 Perform Financial Calculations( c )How long would you need to invest $800 at a simple interest rate of 5% to earn interest of $400?

( d )A sum of $1,200 grows to $1,560 after 5 years. What rate of simple interest is this investment earning?

( e )What is the value at maturity of a $2,000 bill of exchange over 120 days at 5% p.a.? (Assume365 days in a full year).

( f )What is the face value of a promissory note at 8% p.a., if at maturity in 180 days it will be worth $10,394.53? (Assume 365 days in a full year).

FNS40217 Cert IV Module 4.1 Assignment 1811

Unit: FNSACC313 Perform Financial Calculations