Reid Hills

05/08/2024 · Primary School

Sarafina bought a hairdrying machine for her salon and after using it for six years, she discovered that the machine has lost 75\% of its original value. Calculate the depreciation rate of the machine if depreciation is calculated on a straight line basis. Mr Zama wants to open a savings account at a financial institution and intends to deposit a sum of R500 000 into the account for a period of 12 years. He approached AXSA bank, which offered him a rate of 7,5\% p.a. simple interest, while FTB bank offered him an interest rate of 5,5\% p.a. compounded monthly. Advise Mr Zama on which bank to invest his money in. 2 litres of cooking oil cost R100 presently. Determine how much it cost seven years ago if the average inflation rate is 16,5\%. Mr Rachid is a 55-year-old senior data analyst with a wife and kid as his dependents. He receives a monthly gross salary of R95 000 and an annual service bonus of R60 000 . He also makes a monthly medical aid contribution of R7 500 for himself and his dependents as well as a quarterly pension fund contribution of R30 000 towards his retirement. Given on the next page is the individual tax rate table obtained from the South African Revenue Services (SARS) for the financial year 2023.