1. Problem 2.2.4: How much money was withdrawn from the account from an ATM on 03/10/2011? From the table, the ATM cash withdrawal on 03/10/2011 was −1000,00. Answer: The amount withdrawn was $1000.00$. 2. Problem 2.2.5: By how much money did Nomkhosi’s balance decrease in total on 02/10/2011? Transactions on 02/10/2011: - Stop order rental: −1300,00 - Fee: −15,00 - Debit order cell phone: −288,24 - Fee: −15,00 Total decrease = $1300 + 15 + 288.24 + 15 = 1618.24$. Answer: The balance decreased by $1618.24$. 3. Problem 2.2.6: Calculate the balance decrease from 01/10/2011 to end of 02/10/2011. Opening balance 01/10/2011: $3490.35$ Ending balance 02/10/2011: $1872.11$ Decrease = $3490.35 - 1872.11 = 1618.24$. This matches the sum of transactions on 02/10/2011 confirming the calculation. 4. Problem 2.3.1: Interest rate on 01/10/2011 balance. Balance: $3490.35$ which falls in $R0.01$ to $R3999.00$ bracket. Interest rate = $1\\%$ per year. 5. Problem 2.3.2: Interest rate on 25/10/2011. Balance: $4880.61$, which falls in $R4000.00$ to $R7999.00$ bracket. Interest rate = $1.25\%$ per year. 6. Problem 2.3.3a: Show daily interest rate for 1\% annual interest. Daily rate = $\frac{1\%}{365} \approx 0.00274\%$ per day. 6b: Calculate interest earned on 17/10/2011. Balance on 17/10/2011 = $380.61$ (after withdrawal). Daily interest = $380.61 \times \frac{1\%}{365} = 380.61 \times 0.0000274 \approx 0.0104$. Interest earned is approximately $0.0104$. 7. Problem 2.4.1: Interest earned during the month. From table, Interest on 31/10/2011 = $1.90$. 7.2: Total bank fees deducted during the month. Fees on: - 02/10/2011: $15 + 15 = 30$ - 03/10/2011: $6 + 5.5 = 11.5$ - 06/10/2011: $15$ - 17/10/2011: $10$ - 25/10/2011: $40.60$ - 31/10/2011: $15$ Total fees = $30 + 11.5 + 15 + 10 + 40.60 + 15 = 122.1$. 7.3: Comparison: Interest earned ($1.90$) is much smaller than fees deducted ($122.10$). 7.4: Explanation: Since fees exceed interest earned significantly, the money in the account grows very little or can effectively decrease; banks may not always guarantee growth. 8. Problem 2.5: Check ATM deposit fee on 03/10/2011. Deposit amount = $600.00$. Fee calculation: - First $100$ costs $1.00$ - Remaining $600 - 100 = 500$ rounded to units of 100s: $5$ hundreds - Additional fees: $5 \times 0.90 = 4.50$ Total fee = $1.00 + 4.50 = 5.50$ From table, fee charged on 03/10/2011 deposit was $5.50$. Fee calculation matches the charged fee. Final answers: - 2.2.4: $1000.00$ withdrawn. - 2.2.5: Total decrease $1618.24$. - 2.2.6: Balance decreased from $3490.35$ to $1872.11$, decrease $1618.24$. - 2.3.1: Interest rate $1\%$ per year. - 2.3.2: Interest rate $1.25\%$ per year. - 2.3.3a: Daily interest rate $0.00274\%$. - 2.3.3b: Interest earned approximately $0.0104$. - 2.4.1: Interest earned $1.90$. - 2.4.2: Fees deducted $122.10$. - 2.4.3: Fees greatly exceed interest. - 2.4.4: Banks' claim about growing money is questionable given fees. - 2.5: Fee for deposit $5.50$ correctly charged.