(inside the bank): Transaction fee \( =R 2,50+0,95 \% \) of the amount deposited. a) Use the above formula to calculate the bank fees on the following deposits

To calculate the bank fees based on the formula, simply take the deposit amount, multiply it by 0.0095, and then add R2.50. For instance, if you deposit R1000, the fee would be R2.50 + (0.0095 * R1000) = R2.50 + R9.50 = R12.00. Now, let’s say you deposit R5000; the fee calculation gives you R2.50 + (0.0095 * R5000) = R2.50 + R47.50 = R50.00. Keep in mind that fees can significantly impact your total savings over time! If you frequently deposit large amounts, those small percentages can add up, like little gremlins munching away at your hard-earned cash! So, always consider these charges in your financial planning.