Money

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# Money - PowerPoint PPT Presentation

Money. Wages &amp; Salaries. National Insurance. Wages Rises. Income Tax. Time-Sheets. Banks &amp; Building Societies. Overtime Pay. Savings and Interest. www.mathsrevision.com. Piecework &amp; Commission. Compound Interest. Payslip. Appreciation &amp; Depreciation. Working Backwards.

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### Money

Wages & Salaries

National Insurance

Wages Rises

Income Tax

Time-Sheets

Banks & Building Societies

Overtime Pay

Savings and Interest

www.mathsrevision.com

Piecework & Commission

Compound Interest

Payslip

Appreciation & Depreciation

Working Backwards

Starter Questions

Q1. Factorise

Q2. Write down the probability of picking out a number

greater than 7 in the national lottery.

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Q3. If a = -2 and b = -1 calculate

4a2 – 3b2

Q4. Calculate

Wages & Salaries

Learning Intention

Success Criteria

1. Understand the term weekly monthly and annual salary.

• To explain how to work out weekly, monthly and annual salary / wage.
• Calculate weekly, monthly and annual salary.

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Created by Mr. Lafferty Maths Dept.

Wages & Salaries

Annual Wage / Salary

How much a person is paid in a year

12 months in a year

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52 weeks in a year

Created by Mr. Lafferty Maths Dept.

Wages & Salaries

Example 1 :

A shop assistant gets paid £12 428 a year.

How much is her weekly wage.

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£12 428 ÷ 52 = £ 239

Weekly wage =

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Wages & Salaries

Example 2 :

A mechanic gets paid £1 100 a month.

A bus driver gets paid £260 a week.

Who gets the better annual salary.

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Mechanic :

Annual Salary =

£1 100 x 12 = £ 13 200

Annual Salary =

£260 x 52 = £ 13 520

Bus Driver :

Bus driver has better annual wage

Created by Mr. Lafferty Maths Dept.

Wages & Salaries

Example 3 :

Jim is a joiner his hourly rate of pay is £10.50.

He works 40 hours a week.

What is his basic weekly pay?

What is his annual salary?

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Weekly Pay is =

£10.50 x 40 = £420

Annual Salary =

£420 x 52 = £21 840

Wages & Salaries

Example 4 :

Daryl gets an annual salary of £ 30 000.

What is his monthly wage.

What is his weekly wage.

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£30 000 ÷ 12 = £ 2 500

Monthly wage:

Weekly wage :

£30 000 ÷ 52 = £ 576.92

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Wages & Salaries

Now try Ex 3.1

Ch 2 (page 27)

Odd questions

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Starter Questions

Q1. Find the roots for the quadratic to 1 decimal place

Q2. Write down the probability of picking out a number

greater than 20 in the national lottery.

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Q3. If a = -3 then find f(a)

f(a) = 2a3

Q4. Does

Wages Rises

Learning Intention

Success Criteria

• To explain how to work out new wages after a wage rise.

1. Calculate a percentage rise.

2. Calculate new wages after a percentage rise.

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Wages Rises

Example 1 :

Gerry earned an annual salary of £ 18 000 last year.

He receives a 4% rise this year.

What is his new salary.

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Rise :

4 ÷ 100 x £18 000 = £ 720

New salary :

£18 000 + £720 = £ 18 720

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Wages Rises

Example 2 :

Amanda new weekly wage after a 5% pay rise , is £363.93

Calculate her wage before the rise.

100% + 5% = 105%

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105% = 363.93

£346.60

100% = 363.93 ÷ 105 x 100 =

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Wages Rises

Now try Ex 3.2

Ch 2 (page 28)

Odd questions

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Starter Questions

Q1. Find the roots of the quadratic to 1 decimal place

Q2. Write down the probability of picking out a number

greater than 33 in the national lottery.

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Q3. If f(x) = (x + 1)(x - 2) find f(-1)

Q4. Explain why the line y + 3x - 6 = 0

cut the x-axis at (2,0) .

Timesheet

Learning Intention

Success Criteria

• To work out hours worked from a time sheet using the counting method.

1. Calculate hours worked.

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Timesheet

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Timesheet

Example 1 :

Frances starts work at 7.30am and finishes at 3pm.

How many hours did she work.

7 hours

30mins

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7.30am

8.00am

3pm

Total 30mins + 7hours = 7hours 30 mins

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Timesheet

Example2 :

Rachel hourly rate is £6.50.

How much is her weekly wage.

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Weekly wage = 38.5 x 6.50 = £ 250.25

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Timesheet

Now try Ex 4.1

Ch 2 (page 30)

Odd questions

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Starter Questions

Q1. Solve the equation to 1 decimal place

Q2. Write down the probability of picking out a number

greater than 49 in the national lottery.

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Q3. Factorise

9m2 – 25n2

Q4. Where does the line 2y -6x + 8 =0 cut y-axis.

Overtime Pay

Learning Intention

Success Criteria

• To explain how to work out wages which include overtime rates.

1. Understand the terms overtime, ‘double time’ and ‘time and a half’.

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2. Calculate wages with overtime.

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Overtime Pay

Overtime : When you do extra work above your basic hours.

You get a better hourly rate for overtime.

Write down the two common rates of overtime

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Double time (x2)

Time and a half (x1.5)

Overtime Pay

Example 1 :

Anthony the painter works for £6.00 per hour.

His overtime rate is “Double time”.

What does he get paid for 4 hours overtime.

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4 hours Overtime is =

4 x £6 x 2 = £48.00

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Overtime Pay

Example 2 :

John the gardener works a basic 40 hours a week.

He does 5 hours overtime at ‘double time’ on Saturday.

His hourly rate is £8 per hour.

Work out his overtime pay and then his total pay.

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5 hours overtime is =

5 x £8 x 2 = £80.00

40 hours basic time is =

40 x £8 = £320.00

Total pay is = £320 + £80 = £400

Overtime Pay

Now try Ex 4.2

Ch 2 (page 31)

Even questions

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Starter Questions

Q1. Find the roots to 1 decimal place

Q2. A sofa is reduced by 20% to £300 in a sale.

Is the original price £360.

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Q3. Calculate

Commission

Learning Intention

Success Criteria

• To explain how to work out wages when commission is involved.

1. Understand the term commission.

2. Calculate wages involving commission.

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Commission

Commission : Money earned based on how much you sell. Usual expressed as a percentage.

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Write some people who get commission

Car sales person

Double glazing sales person

Commission

Example 1 :

Anthony does maths tuition and charges £12.50.

(a) How much does he earn in a week if he does 9 lesson.

(b) How much for a course of 20 lessons.

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(a)

12.50 x 9 = £112.50

(b)

12.50 x 20 = £250

Commission

Example 2 :

Sean sells cars. He is paid a commission of 5% on any cars

he sells. Last week he sold £ 20 000 worth of cars.

How much commission was he paid ?

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Commission :

5 ÷ 100 x £20 000 = £ 1 000

Commission

Now try Ex 5.1

Ch 2 (page 32)

Odd questions

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Starter Questions

Q1. Find the roots to 1 decimal place

Q2. A house has increase by 10% to £77 000 in a year.

Find the price before the increase.

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Q3. Find the gradient and where the line y +4x – 3 =0

cuts the x-axis.

Q4. Calculate

Payslips

Learning Intention

Success Criteria

• To explain how to work out NET pay.

1. Understand the terms Gross, Deductions and NET pay.

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2. Calculate NET pay.

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Payslips

Write down some

Gross Pay : What you are paid by the employer.

Deductions : Taken off your wages.

Net Pay : Your take home pay.

Tax

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National Insurance

Pension

Payslips

Example 1 :

Calculate the Net wage for the following :

£12 150

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£10 120

£17 336

Payslips

Example 2 :

Calculate the Net wage for this payslip :

704.00

149.00

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555.00

Payslips

Example 3 :

Calculate the Net wage for this payslip :

739.15

207.76

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531.39

Payslips

Now try Ex 6.1

Ch 2 (page 33)

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Starter Questions

Q1. Find the standard deviation for the data below

Q2. Solve the equation

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0 < x < 180

National Insurance

Contributions

Learning Intention

Success Criteria

• To explain how to work out NET pay.

1. Understand the terms Gross, Deductions and NET pay.

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2. Calculate NET pay.

Created by Mr. Lafferty Maths Dept.

National Insurance

Contributions

This is a government tax on earnings intended to contribute towards .......... Do you know the rest !

unemployment

State Pension

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ill-health

National Insurance

Contributions

Rates for 2004 / 05

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National Insurance

Contributions

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Calculate how much Kylo will pay in NIC

if he earns £400 a week.

He has to pay NIC on

£400 - £91 = £309

£33.99

11% of £309

= 11 ÷ 100 x 309 =

National Insurance

Contributions

Charlotte earns £1000 a week.

How much NIC will she pay per week.

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She has to pay NIC on

£610 - £91 = £519 @ 11%

£1000 – £610 = £390 @ 1%

£60.99

(11 ÷ 100 x 519) + (1 ÷ 100 x 390) =

National Insurance

Contributions

Now try Ex 7.1

Ch 2 (page 35)

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Starter Questions

Q1. Find the standard deviation for the data below

Q2. Solve the equation

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0 < x < 360

Income Tax

Learning Intention

Success Criteria

• To explain how to work out Income Tax calculations.
• Understand the term
• Income Tax.

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2. Calculate Income Tax for a given salary.

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Income Tax

If your income in a tax year is below a certain value you do not pay tax. The tax allowance is made up of a personal allowance plus other special allowances.

Special clothing

equipment

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Membership of professional bodies

Income Tax

Taxable Rates for 2004 / 05

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Income Tax

Calculate David’s income tax if he earns £27 000 a year.

Personal allowance £4745

Taxable Income £27 000 – £4745 = £22 255

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Tax @ 10% = 10% of £2020 = £202

Tax @ 22% = 22% of ( £22 255 - £2020)

= 22% of £20 235 = £4451.70

Total Income tax = £202 + £4451.70 =

£4653.70

Income Tax

Lauren, a successful business woman earns £70 000.

What is her total tax paid and her income after tax.

Personal allowance £4745

Taxable Income £70 000 – £4745 = £65 255

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Tax @ 10% = 10% of £2020 = £202

Tax @ 22% = 22% of ( £31 400 - £2020) = £6463.60

Tax @ 40% = 40% of ( £65 255 - £31 400) = £13 542

Total tax = £202 + £6463.60 + 13 542 =

£20 207.60

Income Tax

Total tax = £202 + £6463.60 + 13 542 =

£20 207.60

Income after tax = £70 000 - £20 207.60

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= £49 792.40

Income Tax

Now try Ex 8.1 & 8.2

Ch 2 (page 37)

Even Numbers Only

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Starter Questions

Q1. Find the standard deviation for the data below

Q2. Find the

coordinates

where the line

and curve meet.

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Banks & Building Societies

Learning Intention

Success Criteria

• To explain how bank accounts work.

1. Understand the main services from a bank account.

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2. Interpret bank statements.

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Banks & Building Societies

Banks and Building Societies help us manage our money.

What might we get if we open an account at a bank ?

DR = overdrawn

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Cheque book

Credit Card

Cash Card

Banks & Building Societies

Copy and complete the bank statement

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61.03

33.46 DR

590.62

Banks & Building Societies

Now try Ex 9.1

Ch 2 (page 40)

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Starter Questions
• Q1. A line passes through the points ( 3, 8) and ( 5,10)
• (b) Where does the line cross the x and y axis.

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Q2. Solve x - 2y = 10

2x + y = 20

Savings & Interest

Learning Intention

Success Criteria

• To know the meaning of the term simple interest.
• To understand the
• term simple interest and compound interest.
• To know the meaning of the term compound interest.

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3. Know the difference between simple and compound interest.

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Savings & Interest

Just working out percentages

Simple Interest

I have £400 in the Bank. At the end of each year

I receive 7% of £400 in interest. How much interest

do I receive after 3 years. How much do I now have?

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Savings & Interest

Now try Ex 10.1

Ch2 (page 41)

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Starter Questions

Q1. Find the standard deviation for the data below

Q2. Find the

coordinates

where the line

and curve meet.

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Compound Interest

Learning Intention

Success Criteria

• To know when to use compound formula.
• To show how to use the compound formula for appropriate problems.
• Solve problems involving compound formula.

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Interest calculated on new value every year

Example

Daniel has £400 in the bank. He leaves it in the bank for 3 years. The interest is 7% each year. Calculate the simply interest and then the compound interest after 3 years.

Compound Interest

Real life Interest is not a fixed quantity year after year. One year’s interest becomes part of the next year’s amount. Each year’s interest is calculated on the amount at the start of the year.

Principal value

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Compound Interest

Interest calculated on new value every year

Daniel has £400 in the bank. He leaves it in the bank for 3 years. The interest is 7% each year. Calculate the compound interest and the amount he has in the bank after 3 years.

Simple Interest

Y1 : Interest = 7% of £400 = £28

Amount = £400 + £28 = £428

Interest = 7% of £400 = £28

Y 2 : Interest = 7% of £428 = £29.96

3 x 28 = £84

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Amount = £428 + £29.96 = £457.96

Y 3 : Interest = 7% of £457.96 = £32.06

Amount = £457.06 + £32.06 = £490.02

Simple Interest is only £84

Compound is £490.02 - £400 = £90.02

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Compound Interest

This is called the multiplier.

Easier Method

n = period of time

Days, months years

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I = initial value

IMPORTANT

Can only use this when percentage is fixed

± = increase or decrease

V = Value

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Compound Interest

Calculate the money in the bank after 3 years if the compound interest rate is 7% and the initial value is £400.

n = 3

I =400

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± = increase 1+0.07=1.07

V= 400 x (1.07)3= £490.02

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Compound Interest

Now try Ex 10.2

Ch2 (page 43)

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Starter Questions

Q1. Solve the equations

Q2. Find the

coordinates

where the line

and curve meet.

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Appreciation & Depreciation

Learning Intention

Success Criteria

• To know the terms appreciation and depreciation.
• To understand the terms appreciation and depreciation.
• Show appropriate working
• when solving problems containing appreciation and depreciation.

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Appreciation & Depreciation

Appreciation : Going up in value e.g. House value

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Depreciation : Going downin value e.g. car value

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Quicker Method

Easier

1.79 x 64995

= £116341.05

Average house price in Ayr has appreciated by 79% over past 10 years.

If you bought the house for £64995 in 1994 how much would the house be worth now ?

Appreciation = 79% x £ 64995

• = 0.79 x £64995

= £ 51346.05

New value = Old Value + Appreciation

= £64995 + £51346.05

= £ 116341.05

Just working out percentages

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A Mini Cooper cost £14 625 in 2002

At the end 2003 it depreciated by 23%

At the end 2004 it will depreciate by a further 16%

What will the mini cooper worth at end 2004?

End 2003

Depreciation = 23% x £14625

= 0.23 x £14625

= £3363.75

New value = Old value - Depreciation

= £14625 - £3363.75

= £11261.25

Appreciation & Depreciation

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End 2003

Depreciation = 23% x £14625

= 0.23 x £14625

= £3363.75

New value = Old value - Depreciation

= £14625 - £3363.75

= £11261.25

End 2004

Depreciation = 16% x £11261.25

= 0.16 x £11261.25

= £1801.80

New Value = £11261.25 - £1801.80

= £9459.45

Appreciation & Depreciation

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Appreciation & Depreciation

Now try MIA Ex 11.1

Ch2 (page 45)

Odd Numbers

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Starter Questions

Q1. Solve the equations

Q2. Solve the

coordinates

where the line

and curve meet.

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Work Backwards

Learning Intention

Success Criteria

• To understand the process of work backwards.
• To understand how to work backwards to find original price.
• Solve problems using backwards process.

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Deduce from question :

100 % + 10 % = £88 000

We have :

110 % = £88 000

1 % :

Price before is 100% :

£800 x 100 = £80 000

Work Backwards

Example 1

After a 10% increase the price of a house is £88 000.

What was the price before the increase.

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Deduce from question :

100 % - 15 % = £2 550

We have :

85 % = £2 550

1 % :

Price before is 100% :

£30 x 100 = £3 000

Work Backwards

Example 2

The value of a car depreciated by 15%. It is now valued

at £2550. What was it’s original price.

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Work Backwards

Now try MIA Ex 11.2

Ch2 (page 46)

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