QUESTION 5
5.1. Mr Mlungu saves money for his intended visit to the White house in USA during
the upcoming holiday. He keeps himself updated with the exchange rates by watching
the daily business news on TV. On a particular day the Rand/ US dollar exchange rate
was R18, 16. How many US dollar will he get in exchange for his savings of R175
000?
5.2. Skomota wants to buy an iron listed with a cost price of R320, before VAT is
charged. If VAT is , what is the total cost of the iron after VAT is added?
5.3. A furnisher buys a chair at a cost price of R150 at a wholesaler and sells it at
R275. Calculate his profit.
[1)
TOT
YZo TAL MARKS: 50

Question

QUESTION 5
5.1. Mr Mlungu saves money for his intended visit to the White house in USA during
the upcoming holiday. He keeps himself updated with the exchange rates by watching
the daily business news on TV. On a particular day the Rand/ US dollar exchange rate
was

R18, 16. How many US dollar will he get in exchange for his savings of R175
000?
5.2. Skomota wants to buy an iron listed with a cost price of R320, before VAT is
charged. If VAT is

, what is the total cost of the iron after VAT is added?
5.3. A furnisher buys a chair at a cost price of R150 at a wholesaler and sells it at
R275. Calculate his profit.
[1)
TOT
YZo TAL MARKS: 50

UpStudy AI · Accepted Answer

5.1. To find out how many US dollars Mr. Mlungu will get in exchange for his savings of R175,000, we need to convert the amount from Rand to US dollars using the exchange rate provided.

Given exchange rate: $$ \$1 = R18.16 $$

To convert R175,000 to US dollars, we divide the amount in Rand by the exchange rate:

$$ \text{US Dollars} = \frac{175,000}{18.16} $$

Let's calculate this.
Calculate the value by following steps:
- step0: Calculate:
  $$\frac{175000}{18.16}$$
- step1: Convert the expressions:
  $$\frac{175000}{\frac{454}{25}}$$
- step2: Multiply by the reciprocal:
  $$175000\times \frac{25}{454}$$
- step3: Reduce the numbers:
  $$87500\times \frac{25}{227}$$
- step4: Multiply:
  $$\frac{87500\times 25}{227}$$
- step5: Multiply:
  $$\frac{2187500}{227}$$
5.1. Mr. Mlungu will get approximately 9636.56 US dollars in exchange for his savings of R175,000.

5.2. To find the total cost of the iron after VAT is added, we need to calculate the VAT amount and then add it to the cost price.

Given:
- Cost price of the iron = R320
- VAT rate = 15%

VAT amount = 15% of R320 = $$ 0.15 \times 320 $$

Total cost after VAT = Cost price + VAT amount

Let's calculate the total cost after VAT.
Calculate the value by following steps:
- step0: Calculate:
  $$0.15\times 320$$
- step1: Multiply the numbers:
  $$48$$
5.2. The VAT amount is R48.

Total cost after VAT = R320 + R48 = R368

Therefore, the total cost of the iron after VAT is added is R368.

5.3. To calculate the profit made by the furnisher, we need to subtract the cost price from the selling price.

Given:
- Cost price = R150
- Selling price = R275

Profit = Selling price - Cost price

Let's calculate the profit.
Calculate the value by following steps:
- step0: Calculate:
  $$275-150$$
- step1: Subtract the numbers:
  $$125$$
5.3. The profit made by the furnisher is R125.

Therefore, the answers to the questions are:
5.1. Mr. Mlungu will get approximately 9636.56 US dollars in exchange for his savings of R175,000.
5.2. The total cost of the iron after VAT is added is R368.
5.3. The profit made by the furnisher is R125.
5.1. Mr. Mlungu will get approximately 9,636.56 US dollars for his R175,000 savings. 5.2. The total cost of the iron after adding VAT is R368. 5.3. The furnisher makes a profit of R125.

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