A bank uses the following formula to calculate the bank charges (transaction fee) on money deposited at a branch (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: i. R 450 ii. \( R 117,35 \) iii. \( R 6500000 \) b) Use this formule to see if the transection fee of \( R 5,59 \) was correctly colculated from a deposit of \( R 325 \).

To calculate the bank charges using the formula \( \text{Transaction fee} = R 2.50 + 0.95\% \text{ of the amount deposited} \), let's break down the calculations for each deposit. a) i. For a deposit of R 450: Transaction fee = R 2.50 + (0.0095 × 450) Transaction fee = R 2.50 + R 4.275 = R 6.775 ii. For a deposit of R 117.35: Transaction fee = R 2.50 + (0.0095 × 117.35) Transaction fee = R 2.50 + R 1.113825 = R 3.613825, rounding gives R 3.61 iii. For a deposit of R 6,500,000: Transaction fee = R 2.50 + (0.0095 × 6,500,000) Transaction fee = R 2.50 + R 61,750 = R 61,752.50 b) To check if the transaction fee of R 5.59 was correctly calculated from a deposit of R 325: Transaction fee = R 2.50 + (0.0095 × 325) Transaction fee = R 2.50 + R 3.0875 = R 5.5875, rounding gives R 5.59, so it was indeed calculated correctly! Now let's jump into some extra fun facts and tips! Ever wondered about the origin of bank fees? Historically, banks have charged fees since medieval times when they began offering safekeeping of valuables and loans. As banking evolved, transaction fees became standard, providing banks with funds to operate services like ATMs and online banking. It’s like an ancient tradition, modernized for the smooth functioning of financial networks! If you're looking to minimize those fees, watch out for the "pricing tiers"! Many banks offer fee-free options or reduced rates for larger deposits. Always read the fine print, and don’t be afraid to shop around! Some banks will even waive fees if you maintain a certain balance or sign up for direct deposits. Get savvy with your money and keep those hard-earned coins in your pocket!