James inherited 75% of his grandfather's money.

# Solving Problems - Money (Medium)

In this 11-plus Maths quiz you will get some practice with foreign currency and percentages.

At one time, travelling to foreign countries was a long and arduous journey, sometimes taking weeks or even months! Nowadays we can be on the other side of the world in a matter of hours. Familiarising yourself with other currencies is a good skill to have. Even more important is knowing how much your pounds will be worth in another country.

Most people can very easily work out 50% of an amount (you just half it). Are you a dab-hand at quickly working out other percentages? How about 80% of £20? Try this quiz and see if you can get ten out of ten.

Good luck!

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1. A fine for late payment is charged at 1% per day on the money owed. If someone owes £250, how much will the fine be after one day?
Per cent means per hundred, so 1% = 1100 and 1% of £250 means that you have to multiply 1% with 250: 1100 × £250 = £2.50
2. Super Stores is giving a 50% discount on certain electrical items. If a 'Frosty' fridge sells for £548, what will it sell for if there is a 50% discount on it?
A 50% discount means that the price or cost of something is reduced by 50%. Since 50% is the same as one half, the 'Frosty' fridge will sell for £548 ÷ 2 = £274. Per cent means per hundred, so 50% = 50100 = 12 after reducing the fraction to its simplest form by dividing the numerator and denominator by 50
3. Mark has put £3,500 into a savings account. If he doesn't remove his money for 1 year, he will earn an interest of 2%. How much in pounds is 2% interest?
Per cent means per hundred, so 2% = 2100 = 150 after reducing the fraction to its simplest form by dividing the numerator and denominator by 2 ∴ Interest = 150 × £3,500 = £70. Note: '2% of' means that you multiply the 2% with something else: in this case the £3,500. The same applies for other percentages
4. It costs a shop £1 to buy an article which it then sells at a profit. If the shop wants to make a 400% profit on the sale of the article, how much must it sell it for?
Profit = Selling Price - Cost Price = £5 - £1 = £4. The shop has made a profit of £4. Now £4 as a percentage of £1 = 41 × 100% = 400%. Yes! Don't fall into the trap of thinking that if you sell it at four times its cost that you will make a 400% profit: you have to subtract the original cost from your selling price before you can call it profit
5. Sally gets a salary of £14,560 per annum (per year). She has now been told that she has to take a 10% reduction in her salary. How much will she earn per annum after the 10% reduction?
Per cent means per hundred, so 10% = 10100 = 110 and 10% of £14,560 means that you have to multiply 10% with £14,560: 110 × £14,560 = £1,456. So she will lose £1,456 from her salary: £:14,560 - £1,456 = £13,104
6. James inherited 75% of his grandfather's money. If his grandfather left £125,000, how much did James inherit?
Per cent means per hundred, so 75% = 75100 = 34 and 75% of £125,000 means that you have to multiply 75% with £125,000: 34 × £125,000 = £93,750
7. Janet got £12.19 in change from a £50 note after she had bought three items that each cost the same price. How much did each item cost?
£50 - £12.19 = £37.81 = what she paid for the three items ∴ 1 item cost £37.81 ÷ 3 = £12.60 (to the nearest penny)
8. Peter is going on holiday to Germany next week, so he decides to change £500 into Euros (€). If £1 = €1.2, how many Euros will he get?
If £1 = €1.2, then £500 = 500 × 1.2 = €600
9. Paul has just arrived in the USA from the UK, and he wants to change his pounds sterling into US dollars: the exchange rate is £1 = \$1.6. If he changes £2,500, how many US dollars will he get?
If £1 = \$1.6, then £2,500 = 2,500 × 1.6 = \$4,000
10. Sofia has just arrived in the UK from Italy, and she wants to change her Euros into pounds sterling: the exchange rate is £1 = €1.2. If she changes €1,200, how many pounds sterling will she get?
If £1 = €1.2, then €1,200 = 1,200 ÷ 1.2 = £1,000. You have to divide 1,200 by 1.2 because you want to find out how many 'lots' of 1.2 there are in 1,200: each 'lot' equals £1: this is the same as adding 'lots' of 1.2 to itself until you get to 1,200

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