Financial Maths, STD2 EQ-Bank 29

Yuki is single with no children and receives the maximum JobSeeker Payment of $793.60 per fortnight.

Her JobSeeker Payment is reduced by 50 cents for each dollar earned over $150 per fortnight.

Yuki earns $380 per fortnight from casual work. Calculate her reduced JobSeeker Payment. (2 marks)
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How much would Yuki need to earn per fortnight for her JobSeeker Payment to be reduced to $600? (2 marks)
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Show Answers Only

a. $$678.60\ \text{per fortnight}$

b. $$537.20\ \text{per fortnight}$

Show Worked Solution

a. $\text{Income over free area} = 380-150=$230$

$\text{Reduction in payment} = 0.50\times 230 = $115$

$\text{Reduced JobSeeker Payment} = 793.60-115 = $678.60$

$\therefore\ \text{Yuki receives \$678.60 per fortnight}$

b. $\text{Required reduction} = 793.60-600=$193.60$

$\text{Income over free area} = \dfrac{193.60}{0.50}=$387.20$

$\text{Total income needed} = 387.20+150=$537.20$

$\therefore\ \text{Yuki needs to earn \$537.20 per fortnight}$