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Xavier is independent. He earns $467 this fortnight on a casual work at a supermarket. His income bank is $50.The new value of his income bank is _______________.A.$37B.$0C.$80D.$480E.$50F.$63G.$517

Question

Xavier is independent. He earns 467thisfortnightonacasualworkatasupermarket.Hisincomebankis467 this fortnight on a casual work at a supermarket. His income bank is 50.The new value of his income bank is _______________.A.37B.37B.0C.80D.80D.480E.50F.50F.63G.$517

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Solution

The correct answer is A. $37.

In Australia, the income bank allows certain students and Australian apprentices to earn credits when their fortnightly income is less than the income free area ($437). These credits can be used to offset future income that is over the income free area.

In Xavier's case, he earned 467thisfortnight,whichis467 this fortnight, which is 30 over the income free area. This 30isdeductedfromhisincomebankbalanceof30 is deducted from his income bank balance of 50, leaving him with $20 in his income bank.

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