// Numbas version: exam_results_page_options {"name": "MATH6052 - Short Test 4", "metadata": {"description": "", "licence": "None specified"}, "duration": 1500, "percentPass": "40", "showQuestionGroupNames": false, "showstudentname": true, "question_groups": [{"name": "Group", "pickingStrategy": "all-shuffled", "pickQuestions": 1, "questions": [{"name": "Chain Base Index", "extensions": ["stats"], "custom_part_types": [], "resources": [], "navigation": {"allowregen": true, "showfrontpage": false, "preventleave": false, "typeendtoleave": false}, "contributors": [{"name": "Julie Crowley", "profile_url": "https://numbas.mathcentre.ac.uk/accounts/profile/113/"}], "functions": {}, "ungrouped_variables": ["a", "c", "b", "d", "g", "f", "thing"], "tags": ["cr1", "data analysis", "fitted value", "rebelmaths", "regression", "residual value", "sc", "statistics"], "preamble": {"css": "", "js": ""}, "advice": "", "rulesets": {}, "parts": [{"stepsPenalty": 0, "prompt": "

For the years 2008 to 2013 calculate a chain base index for the {thing[0]}. (round answers to nearest whole number)

\n\n\n\n\n\n\n\n\n\n\n\n\n
Year200820092010201120122013
\n

The {thing[0]}

\n

Index Number

\n
-[[0]][[1]] [[2]][[3]][[4]]
\n

 Click on Show steps if you want more information. You will not lose any marks by doing so.

\n

 

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To calculate the index number for a particular year use the following formula

\n

$\\frac{\\text{Value for the year}}{\\text{Value for the previous year}}\\times 100$

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The table below shows the frequency distribution for {thing[0]}.

\n\n\n\n\n\n\n\n\n\n\n\n\n
Year200820092010201120122013
{thing[0]}{a}{b}{c} {d}{f}{g}
\n

 

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Chain Base Index Numbers

\n

rebelmaths

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Calculate the interest accrued in a savings account, given the initial balance and annual interest rate.

", "licence": "Creative Commons Attribution 4.0 International"}, "statement": "

Suppose you put £{money} into a savings account exactly {years} years ago and you haven't touched the money since. The simple interest rate on the account is {perc2}% per year.

", "variables": {"perc2": {"name": "perc2", "group": "Ungrouped variables", "templateType": "anything", "description": "", "definition": "random(0..2.5 #0.05)"}, "money": {"name": "money", "group": "Ungrouped variables", "templateType": "anything", "description": "", "definition": "random(100..5000 #100)"}, "years": {"name": "years", "group": "Ungrouped variables", "templateType": "anything", "description": "", "definition": "random(2..6)"}}, "tags": ["interests", "percentages", "taxonomy"], "ungrouped_variables": ["perc2", "money", "years"], "functions": {}, "preamble": {"js": "", "css": ""}, "advice": "

This is simple interest, which means the amount added each year is a percentage of the original amount. The amount we add is fixed for all {years} years.

\n

First, we work out the amount of interest for one year:

\n

\\begin{align}
\\var{perc2} \\text{% of } \\var{money} &= \\frac{\\var{perc2}}{100} \\times \\var{money} \\\\
&= \\var{perc2/100} \\times \\var{money} \\\\
&= £\\var{dpformat(perc2/100*money,2)} \\text{.} 
\\end{align}

\n

The money has been in the account for {years} years, so we multiply $£\\var{dpformat(perc2/100*money,2)}$ by $\\var{years}$.

\n

\\[ £\\var{dpformat(perc2/100*money,2)} \\times \\var{years} = £\\var{dpformat(perc2/100*money*years,2)} \\text{.} \\]

\n

Adding this to the original balance:

\n

\\[ £\\var{money} + £\\var{dpformat(perc2/100*money*years,2)}  = £\\var{dpformat(perc2/100*money*years + money,2)} \\text{.} \\]

\n

This is the amount we would get if we withdrew the whole savings balance today.

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 If you were to withdraw the money from this account now, how much would you have?

\n

£ [[0]]

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The compound interest formula is: $\\ A = P(1+i)^n $

\n

Part (a)

\n

P represents the principal sum invested , so in this example it is €$\\var{P}$.

\n

Part (b)

\n

A represents the amount in the deposit account after $\\var{n}$ years, so in this example it is €$\\var{A}$.

\n

Part (c)

\n

n represents the number of compounding periods , so in this example it is $\\var{n}$ years.

\n

Part(d)

\n

Using the compound interest formula:

\n

$A=P(1+i)^n$

\n

$\\var{A}=\\var{P}(1+i)^\\var{n}$

\n

We need to rearrange the equation to find the value of $i$.

\n

$\\frac{\\var{A}}{\\var{P}}=(1+i)^\\var{n}$

\n

$\\var{ratio}=(1+i)^\\var{n}$

\n

$\\sqrt[\\var{n}]{\\var{ratio}}=1+i$

\n

$\\var{intplus}=1+i$

\n

$i=\\var{int}$ so the annual interest rate is $\\var{perc}$%.

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What is the value of P?

\n

€[[0]]

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What is the value of A?

\n

€[[0]]

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What is the value of n?

\n

\n

[[0]]

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What is the interest rate per annum?

\n

Please give your answer as a percentage correct to 2 decimal places.

\n

\n

[[0]]%

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A lump sum of €$\\var{P}$ is deposited into a savings account that pays compound interest for $\\var{n}$ years. If no withdrawals are made from the account, then the amount that the lump sum will have grown to is €$\\var{A}$.

\n

The compound interest formula is:

\n

$\\ A = P(1+i)^n $

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Calculate the annual interest rate for a savings account where A, P and n are given.

\n

rebelmaths

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{standard}% => $\\frac{\\var{standard}}{100}$

\n

{higher}% => $\\frac{\\var{higher}}{100}$

\n

\n

Calculate the gross income tax for the week first as follows:

\n

Calculate the standard cut-off point amount first by $\\frac{\\var{standard}}{100} \\times \\var{cut}$

\n

Then, the income tax at the higher rate by $\\frac{\\var{higher}}{100} \\times (\\var{wage} - \\var{cut})$

\n

Finally, add them to get the gross income tax

\n

$(\\frac{\\var{standard}}{100} \\times \\var{cut}) + (\\frac{\\var{higher}}{100} \\times (\\var{wage} - \\var{cut}))$

\n

 

\n

Using the gross income tax calculated in above

\n

Subtract the tax credit, $\\var{credit}$, giving the amount of income tax paid.

\n

$(\\frac{\\var{standard}}{100} \\times \\var{cut}) + (\\frac{\\var{higher}}{100} \\times (\\var{wage} - \\var{cut})) - \\var{credit} = \\var{ans}$

\n

\n

Look at this website for worked examples:

\n

how to work out my tax

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Calculate the amount of income tax he pays each week.

\n

€[[0]]

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$\\var{name}$ pays tax at $\\var{standard}$% on the first $\\var{cut}$ of his money, so you need to find $\\var{standard}$% of $\\var{cut}$.

\n

He pays tax at $\\var{higher}$% on everything above $\\var{cut}$, so you need to find out how much he earns above the cut off $\\var{cut}$ and get $\\var{higher}$% of that.

\n

Add the two tax bills together to find the gross tax that $\\var{name}$ owes.

\n

Subtract his tax credits from this.

\n

The result is the net tax that he has to pay.

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$\\var{name}$ has a weekly wage of €$\\var{wage}$. His standard cut-off point is €$\\var{cut}$, and his tax credit is €$\\var{credit}$ per week. The standard rate of income tax is $\\var{standard}$% and the higher rate is $\\var{higher}$%.

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Net Tax

\n

rebelmaths

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Part1

\n

\n

where a=length of side

\n

$\\frac{\\sqrt3}{4} \\times \\var{side1}^2= \\var{ans1}m^2$

\n

Or another method is:

\n

A = $\\frac{1}{2}$ab $\\sin(c)$ = $\\frac{1}{2} \\times \\var{side1} \\times \\var{side1} \\times \\sin(60) = \\var{ans1}m^2$

\n

\n

Formula for perpendicular height of triangle.

\n

Area = $\\frac{1}{2} \\times $base$  \\times$ perpendicular height

\n

$2 \\times \\frac{\\var{area2}}{\\var{lent2}} = \\var{ans2}m$

", "rulesets": {}, "parts": [{"prompt": "

Find the area of an equilateral triangle which has a side of $\\var{side1}$m.

\n

{tri(side1)}

\n

[[0]]$m^2$

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Calculate the perpendicular height of a triangle whose base length is $\\var{lent2}$m, if the area of this triangle is $\\var{area2}m^2$

\n

{tri1(lent2)}

\n

[[0]]$m$

\n

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Correct to 2 decimal place

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Areas of triangles

\n

rebelmaths

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Part 1

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Formula for perimeter of rectangle.

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Perimeter = $2 \\times$ width $+ 2 \\times$ length

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Therefore;

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width = $\\frac{(\\text{perimter} - 2 \\times length)}{2}$

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$\\frac{(\\var{p} - 2 \\times \\var{h})}{2} = \\var{w}m$

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Formula for area of rectangle.

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Area = width $\\times$ length 

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$\\var{w} \\times \\var{h} = \\var{a}m^2$

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Part 2

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Formula for area of rectangle.

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Area = width $\\times$ length 

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$\\frac{\\var{area1}}{\\var{h1} } = \\var{w1}$

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Perimeter = $2 \\times$ width $+ 2 \\times$ length

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$2 \\times \\var{w1} + 2 \\times \\var{h1} = \\var{p1}m$

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\n

", "rulesets": {}, "parts": [{"stepsPenalty": 0, "prompt": "

{rectangle(h,w)}

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A rectangle has a perimeter of $\\var{p}m$. If the length is $\\var{h}m$, first calculate its width and then its area. 

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width = [[0]]m

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area = [[1]]$m^2$

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First write the perimeter in terms of x.

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Solve for x.

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Then calculate the area.

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{rectangle(h1,w1)}

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Calculate the perimeter of a rectangle which has a length of $\\var{h1}m$, if the area of this rectangle is $\\var{area1}m^2$. First calculate its width.

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width = [[0]]m

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perimeter = [[1]]$m$

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", "variableReplacements": [], "variableReplacementStrategy": "originalfirst", "steps": [{"prompt": "

First write the areain terms of x.

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Next, find the length of side x.

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Then find the perimeter.

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Correct to 2 decimal places

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Area and Perimeter of Rectangles

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rebelmaths

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You have 5 minutes remaining, please ensure that all work is submitted before the time runs out.

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Please have the formulae and table booklet open in a separate tab on your computer before you begin, you will find this under Course Notes on the MATH6052 Home page on Canvas.

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