A shop sells soccer balls at a Selling Price of $100 per ball. TheCost per ball
ID: 2574805 • Letter: A
Question
A shop sells soccer balls at a Selling Price of $100 per ball. TheCost per ball i 60% of the Sales Price per ball. The shop is closed during weekends. For a week the sales were: Monday 3 balls, Tuesday 2 balls, Wednesday 4 balls, Thursday 1 ball; Friday 5 balls. Show the following calculation in full:
The week's total income (total sales amount) is invested at a bank at an interest rate of 5% simple interest for a period of 3 years. Calculate the total amount available at the end of the 3 years.
Explanation / Answer
Weekday No. of units sold Sale price per ball Total surplus amount
Monday 3 $ 100 $ 300
Tuesday 2 $ 100 $ 200
Wednesday 4 $ 100 $ 400
Thursday 1 $ 100 $ 100
Friday 5 $ 100 $ 500
---------------- ---------------- ----------------
Week Total 15 $ 100 $ 1500
========= ========== =========
Calculation of Weekly interest for 3 years Simple interest
= ( 3 years X Annual interest ) / 156 weeks
= ( 3 years x 5 ) / 156 weeks
= 0.096154
Calculation of Time interval
= No. of Weeks X [ (No. of Weeks + 1 ) / 2 ]
= 156 weeks X [ ( 156 weeks + 1 ) / 2 ]
= 156 X [ 78.50 ]
= 12,246
Weekly deposit amount = $ 1500
Amount = Principal + ( Principal X Time interval X Weekly interest for 3 years )
Amount = ( $ 1500 x 156 ) + ( $ 1500 X 12,246 X 0.096154 )
Amount = $ 234,000 + ( $ 17,662.53 )
Amount = $ 251,662.53
An amount of $ 251,662.53 will be available at bank at the end of 3 years.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.