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Question 1: A farmer buys a new combine harvester. It depreciates by 34% each year. After 3 years the combine harvester is worth £137,998.08. Calculate the purchase price correct to the nearest pence. |

Question 2: A radioactive substance decays at a rate of 12.2% each year. What is the minimum number of years it will take for at least half of all the atoms of the radioactive substance to have decayed? |

Question 3: A rubber ball is dropped from a height and continues bouncing. After every bounce it rises to 63% of its previous height. How many bounces will it take for the maximum height to be below 20% of the initial height? |

Question 4: £2,750 is invested in a savings account for 7 years. The compound interest rate is 6% for the first 2 years and 3.2% for each year after that. How much is in the savings account after 7 years? Give your answer correct to the nearest pence. |

Question 5: Elaine says that a 80% increase followed by a 80% decrease has no effect. Do you agree with them? Explain your answer. |

Question 6: Becky spends £5,500 on their credit card but decides not to pay it off straight away. Interest is charged on this amount at a rate of 1.8% each month. How much interest has accumulated after 3 years? Give your answer correct to the nearest pence. |

Question 7: An investment of £9,750 grows by 19% per annum. What is the minimum number of years it will take for the investment to reach at least £1 million? |

Question 8: An antique painting is bought at auction and appreciates at a rate of 4% each year. The value of the painting after 3 years is £224,973. Calculate the purchase price paid at auction. |

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# Answers

Question 1: £480,000 |

Question 2: 6 years |

Question 3: 4 bounces |

Question 4: £3,616.95 |

Question 5: No, this is the same as a 64% decrease overall. (1.8 x 0.2 = 0.36) |

Question 6: £4,954.00 |

Question 7: 27 years |

Question 8: £200,000 |