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TITLE:LEY_IMS12SB_2_12145_CVR_02 FORMAT: 280MM X 217MM SPINE:21.7MM COLOURS USED: CMYK
OXFORD
INSIGHT
OXFORD INSIGHT MATHEMATICS STANDARD 2

MATHEMATICS
STANDARD 2
12
JOHN LEY
MICHAEL FULLER
DANIEL MANSFIELD
12 ADDITIONAL RESOURCE
MANSFIELD
CONTRIBUTORS
FULLER
LEY
BARBARA MARINAKIS
ANDREW HOLLAND
ISBN 978-0-19-031214-5
9 780190 312145
visit us at: oup.com.au or
contact customer service: cs.au@oup.com
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LEY_IMS12SB_2_12145_CVR_SI.indd 2-4 11/1/19 8:55 am

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LEY_IMS12SB_2_12145_CVR_SI.indd 5-7 11/1/19 8:55 am

OXFORD
INSIGHT
MATHEMATICS
STANDARD 2
12
JOHN LEY
MICHAEL FULLER
DANIEL MANSFIELD
ADDITIONAL RESOURCE
CONTRIBUTORS
BARBARA MARINAKIS
ANDREW HOLLAND
00_LEY_IMS12SB2_12145_TXT_1pp_SI.indd 1 8/10/19 12:28 pm

1
Oxford University Press is a department of the University of Oxford.
It furthers the University’s objective of excellence in research,
scholarship, and education by publishing worldwide. Oxford is a registered
trademark of Oxford University Press in the UK and in certain other countries.
Published in Australia by
Oxford University Press
Level 8, 737 Bourke Street, Docklands, Victoria 3008, Australia
© John Ley, Michael Fuller, Daniel Mansfield 2019
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First published 2019
Second Edition
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CONTENTS
About the authors ................................................... v 3 Rates and ratios 112
Using Oxford Insight Mathematics Are you ready? ....................................................113

Standard 2 Year 12 ............................................... vi 3A Rates ..........................................................114
Top tips for study success..................................... vii 3B Heart rate ...................................................120
3C Fuel consumption rate ...............................124
3D Power and energy consumption rates .......130
1 Investments, depreciation and loans 2
3E Ratios .........................................................136
Are you ready? ....................................................... 3 3F Scale drawings ...........................................142
1A Comparing simple and compound interest 3G Building plans ............................................148
investments ................................................... 4
3H Measurements of land using a scale .........156
1B The compound interest formula ..................10
Chapter review ....................................................166
1C Using a compounded value table.................18
1D Inflation and appreciated value ...................20
Chapters 1–3 Cumulative review 174
1E Shares ..........................................................24
1F Declining-balance method of
depreciation .................................................30 4 Simultaneous linear equations 180
1G Reducing-balance loans ..............................36
Are you ready? ....................................................181
1H Credit cards ..................................................44
4A Graphs of the form y = mx + c ..................182
Chapter review ......................................................52
4B Linear models ............................................188
4C Identifying solutions to simultaneous
2 Non-right-angled trigonometry 58 linear equations .........................................192
4D Solving simultaneous linear equations
Are you ready? ......................................................59
graphically ..................................................196
2A Review of right-angled trigonometry ..........60
4E Break-even analysis ...................................200
2B Angles of elevation and depression .............68
Chapter Review ...................................................206
2C Bearings and navigational methods ............72
2D Area of a triangle .........................................82
2E Sine rule .......................................................84
2F Cosine rule ...................................................88
2G More problems involving trigonometry .......92
2H Compass radial surveys ...............................96
Chapter review ....................................................102
OXFORD UNIVERSITY PRESS

Contents iii

5 Bivariate data analysis 212 9 The normal distribution 378
CONTENTS
Are you ready? ....................................................213 Are you ready? ....................................................379
5A Bivariate scatterplots.................................214 9A Frequency distribution graphs...................380
5B Correlation .................................................218 9B The normal distribution .............................382
5C Lines of best fit...........................................226 9C The standardised score..............................386
5D Interpolation and extrapolation .................232 9D Properties of the normal distribution ........392
5E Statistical investigations ............................238 9E Probability and normal distributions .........398
Chapter review ....................................................242 Chapter review ....................................................406
6 Network concepts 250 10 Critical path analysis 414
Are you ready? ....................................................251 Are you ready? ....................................................415

6A Introduction to networks............................252 10A Activity tables and charts ...........................416
6B Paths and cycles ........................................260 10B The earliest starting and finishing times ..428
6C Trees ...........................................................268 10C The latest finishing and starting times ......436
6D Minimum spanning trees ...........................274 10D The critical path .........................................444
6E The shortest path .......................................284 10E The maximum-flow minimum-cut
Chapter review ....................................................290 theorem ......................................................448
Chapter review ....................................................456
7 Annuities 300
Chapters 8–10 Cumulative review 460
Are you ready? ....................................................301
7A Future and present value of an annuity .....302
7B Future value using a table .........................308 Answers 464
7C Present value using a table .......................312
7D Repaying loans ...........................................316 Glossary 536
7E Using technology to model annuities ........320
Chapter review ....................................................328 Index 539
Chapters 4–7 Cumulative review 334 Acknowledgements 542
8 Non-linear relationships 340
Are you ready? ....................................................341

8A The parabola ..............................................342
8B Quadratic models .......................................348
8C The exponential graph ...............................358
8D Exponential models ...................................360
8E The rectangular hyperbola ........................366
8F Reciprocal models .....................................368
Chapter review ....................................................372
iv Oxford Insight Mathematics Standard 2 Year 12


JOHN LEY
ABOUT THE AUTHORS

is a passionate and innovative mathematics educator. He has completed his PhD on mathematics
education while lecturing and tutoring at the University of Western Sydney. John has held an array
of teaching positions including Head of Mathematics, Assistant Principal, and Acting Principal.
An experienced senior marker for the HSC, John was a member of the 2012–2014 assessment
committees, setting the HSC calculus course examinations. John is the lead author of the Oxford
Insight Mathematics series for NSW.
MICHAEL FULLER
was involved in Mathematics in NSW for many years, and was a key author on the Oxford Insight
Mathematics series. He held the position of Head of Mathematics at Killara High School in Sydney
for 24 years.
DR DANIEL MANSFIELD
is an award-winning Lecturer in the School of Mathematics and Statistics at the University of New
South Wales (UNSW). In 2017, his research into ancient Babylonian trigonometry made headlines
around the world. Locally, Daniel is known for supporting secondary school mathematics teachers
and their students. His passion for mathematics is further endorsed by his students at UNSW, who
voted him the ‘Most Inspiring Lecturer in First Year’.
ANDREW HOLLAND
has 18 years’ experience teaching Mathematics to Secondary School students of varied levels of
ability. He previously taught at St Andrew’s Cathedral School and Shore School. He is now Head of
Mathematics at St Joseph’s College, Hunters Hill. Andrew previously authored a book on past HSC
examination questions for General Mathematics.
BARBARA MARINAKIS
has taught Mathematics to Secondary School and Tertiary Education students for 17 years and has
widespread experience with students of all levels of ability. She has held teaching positions at Sydney
Girls High School, Cranbrook School and is now teaching at Ascham School. Barbara has lectured
the Year 12 HSC preparation lectures for The School for Excellence and has lectured and tutored at
Australian Catholic University. She holds a Masters of Education from the University of NSW.
OXFORD OXFORD
INSIGHT INSIGHT
OXFORD INSIGHT MATHEMATICS STANDARD 1
MATHEMATICS MATHEMATICS
STANDARD STANDARD 1
11 JOHN LEY
12 JOHN LEY
MICHAEL FULLER MICHAEL FULLER
DANIEL MANSFIELD
ADDITIONAL RESOURCE ADDITIONAL RESOURCE

MANSFIELD
CONTRIBUTORS CONTRIBUTORS
FULLER
LEY
BARBARA MARINAKIS BARBARA MARINAKIS

ANDREW HOLLAND ANDREW HOLLAND

About the authors v

Using Oxford Insight Mathematics Standard 2 Year 12
New South Wales’ most trusted Mathematics series has been updated for the new Mathematics
Standard Stage 6 syllabus. The new edition includes comprehensive exercise sets, carefully graded
exercises and worked examples embedded where students need them. Enhanced opportunities for
support and extension, as well as consolidation and practice are offered in reviews, cumulative reviews,
exam-style questions and integrated technology.
helpful resources are outlined

at the beginning of each unit
1A Comparing simple and EXERCISE 1A Comparing simple and compound interest

investments
compound interest 1 Calculate the simple interest earned on these investments.
UNDERSTANDING, FLUENCY AND COMMUNICATING

investments
a $6000 at 5.8% p.a. over 3 years
b $3200 at 1.1% per month for 13 months
c $780 at 0.025% per day for 19 days
visual
2 Calculate the simple interest on the following investments.
These resources are available on your obook assess:
a $5600 at 13% p.a. for 16 months b $2900 at 15% p.a. for 23 days
• Spreadsheet 1A: Compare simple interest and compound interest investments
c $7890 at 18.6% p.a. for 11 months d $3540 at 12.8% p.a. for 53 days
• Worksheet 1A: Practise your skills with extra probelms for simple interest
mathematics worked
• assess quiz 1A: Test your skills with an auto-correcting multiple-choice quiz
EXAMPLE 1A– 2 Calculating the monthly repayment for simple interest
investments
examples
simple interest Simple interest is a type of interest based on a fixed percentage of the original amount invested Dominic borrows $2200 to buy a guitar. The simple interest rate is 9.75% p.a. and he takes the loan over
glossary boosts
interest that is or borrowed, i.e. the principal. Simple interest can be calculated by using the following formula. 2 years.
calculated on the a Find the interest on the loan.
original principal Simple interest formula b Find the total amount to be repaid.
and visuals
for the lifetime of
understanding
I = Prn c Find the monthly repayment.
the investment
or loan; also where I = amount of interest in dollars
known as flat rate Solve/Think Apply
P = the principal, the amount invested (or borrowed)
located next
interest a I = Prn The total amount to be repaid is the interest added
of key concepts
r = interest rate per time period 9.75
= 2200 × _ × 2 to the principal.
n = number of time periods. 100 total to be repaid
= $429 Monthly repayment = _____________________
no. of months of the loan
to the relevant
b Total to be repaid = 2200 + 429
EXAMPLE 1A– 1 Calculating simple interest on investments
= $2629
Calculate the simple interest earned on these investments.
2629
a $5000 at 6.7% p.a. over 4 years c Monthly repayment = _
exercise
24
b $2300 at 1.56% per month for 19 months = $109.54
c $3000 at 15% p.a. over 17 months
Solve Think/Apply 3 Calculate the total amount to be repaid on a simple interest loan of:
a P = $5000, r = 0.067, n = 4 Convert the percentage interest rate to a decimal by a $4500 at 13% p.a. over 3 years b $5750 at 0.9% per month over 15 months
I = Prn dividing by 100. c $7100 at 0.031% per day over 19 days d $5290 at 14% p.a. over 17 months.
= 5000 × 0.067 × 4 If needed, convert the interest rate to a rate for the
4 Chad borrows $14 300 to buy a car. The simple interest rate is 12.5% p.a. and he takes the loan over 3 years.
= $1340 specified time period.
Complete the following to find the:
b P = $2300, r = 0.0156, n = 19 Substitute the values of P, r and n into the formula □
a interest on the loan = 14 300 × _ × □
I = Prn I = Prn. 100
=$
F IN AN CIAL MAT H EMAT ICS

= 2300 × 0.0156 × 19
b total to be repaid = 14 300 + ____
= $681.72
=$
c P = $3000
c □
monthly repayment = _
r = 15 ÷ 100 ÷ 12 □
= 0.0125 =$
n = 17
5 Monica borrows $5800 to buy a bedroom suite. The simple interest rate is 8.6% p.a. and she takes the loan
I = Prn
over 4 years.
= 3000 × 0.0125 × 17
a Find the interest on the loan. b Find the total amount to be repaid.
= $637.50
c Find the monthly repayment.
4 Oxford Insight Mathematics Standard 2 Year 12 OXFORD UNIVERSITY PRESS OXFORD UNIVERSITY PRESS Chapter 1 Investments, depreciation and loans 5
01_LEY_IMS12SB2_12145_TXT_3pp.indd 4-5 8/3/18 12:29 AM
‘Working Mathematically’ syllabus

components clearly signposted
Student obook assess

Oxford Insight Mathematics Standard 2 (Year 12) is supported
by a range of engaging and relevant digital resources via
obook assess.
Students receive:
> a complete digital version of the Student book with
notetaking and bookmarking functionality
> targeted instructional videos by a team of Australia’s most
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help students prepare for assessment tasks and exams
> interactive auto-correcting multiple-choice quizzes
> access to teacher-assigned work including readings,
homework, tests and assignments.
Teacher obook assess

In addition to the student resources, teachers also receive:
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> printable (and editable) class tests with exam-style questions and answers
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view all available content and resources in one place.
vi Oxford Insight Mathematics Standard 2 Year 12


Top tips for study success
Tip 1 – read key documents Tip 5 – know the structure of exams
The first step to success is to gather all key It’s important for you to become familiar with the
documents and read them carefully. format of the exam and the types of questions that
> Your most important tool is the syllabus. It sets out typically appear. In an exam you should also:
all of the information about the course, including > show your working when answering a question
what you are expected to learn and how you will be – even if a question is incorrect or left unfinished,
assessed. You can download a copy from the NESA you might still get some marks for your working
website. > keep an eye on the clock to make sure you have
> Keep all documents from your teacher relating to enough time to answer every question
assessment tasks and copies of any assessment > re-read questions so you know that you have
advice (e.g. marking criteria or assessment provided a complete and accurate answer.
rubrics). Understanding exactly what is required in
an assessment task is crucial. Tip 6 – understand key terms
Assessment tasks will likely include key terms. These
Tip 2 – study regularly range in level of difficulty. Some, such as solve or find,
If you’re going to perform at your best, you need are simple to understand and master. Others, such as
to allocate time for regular periods of study and justify, are more challenging and will take practice to
revision. Studying regularly will help you to continually master. Below is a list of common key terms and an
reinforce new concepts and avoid the stress of last- explanation of what they mean.
minute cramming. During your study you might:
> summarise theory and key examples in your
TERM DEFINITION
own words
> focus on topics you find difficult and work through examine something complex by
the relevant examples and questions analyse breaking it down into smaller parts and
show how they relate to one another
> test your understanding with revision questions,
practice papers and past exams. calculate work out an answer mathematically
classify categorise into groups
Tip 3 – manage your study time
change to a different form without
When studying, it helps to put some practical convert
changing the value
strategies in place to stay on track. Try the following
time management strategies. describe give a detailed account of the features
> Create a study timetable to set up periods of evaluate determine the value
regular study and revision around your school and
make something clear by describing the
personal schedule.
explain relationships between different aspects
> Use a diary, wall planner or calendar to record and giving reasons
the dates of upcoming assessment tasks, tests or
exams and allow you to adequately prepare. represent an answer as a number,
express
figure, formula or symbol
> Make lists of daily, weekly or monthly goals.
It helps to keep the bigger picture in mind determine the value or answer to a
find
and breaks big tasks down into smaller, more problem.
manageable tasks, so that you gain a sense of
identify determine and state clearly
achievement.
justify present an argument providing evidence
Tip 4 – take care of yourself solve work out the solution to a question
Looking after yourself during for HSC is important:
> eat a balanced diet and stay hydrated – try to avoid
too much caffeine and junk food
> get enough sleep and regular exercise
> make time for breaks from study – a walk to get
some fresh air will help you reset before the next
study session.

Study tips vii

1
Investments,
depreciation
and loans
The main mathematical ideas investigated are:
▶ making compound interest calculations using the formula
▶ making compound interest calculations using a compounded
value table
▶ comparing different investment strategies
▶ calculating the price of goods following inflation
▶ calculating new salaries after increases in line with inflation
▶ calculating the appreciated value of items
▶ the mathematics of shares
▶ calculating the salvage value of an item using the declining-
balance method of depreciation
▶ calculating declining-balance loan repayments, including
the use of tables
▶ calculating payments, charges and balances on credit cards.
FINANCIAL MATHEMATICS
Licensed to Phoebe Siu,F4from
MS- Investments and Loans
Bethany College until 2022-01-01.

ARE YOU READY?
ARE YOU READY?

1A 1 What is the result of 2000 × 0.05 × 3? 1A 9 The options below show relationships between
A 1200 B 30 000 x and y, where k and a are constants. Which
C 2003.05 D 300 options show a general equation for a linear
relationship?
1A 2 What is 9.5% expressed as a decimal? A y = kx B y = kx 2
A 0.95 B 0.095 C y = _kx D y = ka x
C 9.5 D 950
1A 10 The options below show relationships
1A 3 Given that a = 3, b = 4 and c = 8, what is the between x and y, where k and a are constants.
value of abc? Which option show a general equation for an
A 348 B 15 exponential relationship?
C 96 D 3.48 A y = kx B y = kx 2
k
_
1A 4 Given that a = 2, b = 5 and c = 9, what is the C y=x D y = ka x
value of a(b + c)? 1B 11 How many days are there in 3 years (excluding
A 214 B 54 C 28 D 16 leap years)?
1A 5 What is 20% of 970? A 1095 B 36
A 19 400 B 194 C 1098 D 156
C 1940 D 19.4 1B 12 Given that x = 150 and y = 1.1, what is the
value of xy2?
1A 6 What is 7.5% of $11 300?
A 181.5 B 165
A $84 750 B $847.50
C 123.97 D 151.1
C $1506.67 D $1.51
1D 13 What is the value of $35 × 1.053?
1A 7 How much interest is earned if $1000 is put
into a simple interest account paying 5% p.a. A $36.75 B $36.86
for 1 year? C $110.25 D $40.52
A $5000 B $50 1F 14 A washing machine purchased for $1800 is
C $500 D $1050 depreciated by $220 per year. What is the
salvage value of the washing machine after
1A 8 $2000 is put into a simple interest account
5 years?
paying 7% p.a. How much is in the account
after 1 year? A $700 B $2900
A $2070 B $14 000 C $1580 D $920
C $140 D $2140
If you had difficulty with any of these questions or would like further practice, complete one or more of
the matching Support sheets available on your obook assess.
Q1 Support sheet 1A.1 Multiplying and dividing decimal numbers
Q2 Support sheet 1A.2 Converting percentages, fractions and decimals
Q3–4 Support sheet 1A.3 Substituting for pronumerals
Q5–6 Support sheet 1A.4 Percentage of a quantity
Q7–8 Support sheet 1A.5 Understanding the simple interest formula
Q9–10 Support sheet 1A.6 Linear and non-linear relationships
Q11 Support sheet 1B.1 Converting units of time
Q12 Support sheet 1B.2 Evaluating algebraic expressions involving powers
Q13 Support sheet 1D.1 Finding cubes of numbers
Q14 Support sheet 1F.1 Straight-line depreciation
OXFORD UNIVERSITY PRESS Chapter 1 Investments, depreciation and loans

Licensed to Phoebe Siu, from Bethany College until 2022-01-01. 3

1A Comparing simple and
compound interest
investments
• Spreadsheet 1A: Compare simple interest and compound interest investments
• Worksheet 1A: Practise your skills with extra problems for simple interest
• assess quiz 1A: Test your skills with an auto-correcting multiple-choice quiz
simple interest Simple interest is a type of interest based on a fixed percentage of the original amount invested
interest that is or borrowed, i.e. the principal. Simple interest can be calculated by using the following formula.
calculated on the
original principal Simple interest formula
for the lifetime of
I = Prn
the investment
or loan; also where I = amount of interest in dollars
known as flat rate P = the principal, the amount invested (or borrowed)
interest
r = interest rate per time period
n = number of time periods.
EXAMPLE 1A– 1 Calculating simple interest on investments

Calculate the simple interest earned on these investments.
c $3000 at 15% p.a. over 17 months
Solve Think/Apply
a P = $5000, r = 0.067, n = 4 Convert the percentage interest rate to a decimal by
I = Prn dividing by 100.
= 5000 × 0.067 × 4 If needed, convert the interest rate to a rate for the
= $1340 specified time period.
b P = $2300, r = 0.0156, n = 19 Substitute the values of P, r and n into the formula
I = Prn I = Prn.
= 2300 × 0.0156 × 19
= $681.72
c P = $3000
r = 15 ÷ 100 ÷ 12
= 0.0125
n = 17
I = Prn
= 3000 × 0.0125 × 17
= $637.50
4 Oxford Insight Mathematics Standard 2 Year 12


EXERCISE 1A Comparing simple and compound interest
investments
1 Calculate the simple interest earned on these investments.

c $780 at 0.025% per day for 19 days
2 Calculate the simple interest on the following investments.

a $5600 at 13% p.a. for 16 months b $2900 at 15% p.a. for 23 days
c $7890 at 18.6% p.a. for 11 months d $3540 at 12.8% p.a. for 53 days
EXAMPLE 1A– 2 Calculating the monthly repayment for simple interest

investments
Dominic borrows $2200 to buy a guitar. The simple interest rate is 9.75% p.a. and he takes the loan over
2 years.
a Find the interest on the loan.
b Find the total amount to be repaid.
Solve/Think Apply
a I = Prn The total amount to be repaid is the interest added
9.75
= 2200 × _ × 2 to the principal.
100 total to be repaid
= $429 Monthly repayment = _____________________
no. of months of the loan
b Total to be repaid = 2200 + 429
= $2629
2629
c Monthly repayment = _
24
= $109.54
3 Calculate the total amount to be repaid on a simple interest loan of:

a $4500 at 13% p.a. over 3 years b $5750 at 0.9% per month over 15 months
c $7100 at 0.031% per day over 19 days d $5290 at 14% p.a. over 17 months.
4 Chad borrows $14 300 to buy a car. The simple interest rate is 12.5% p.a. and he takes the loan over 3 years.
Complete the following to find the:
□
a interest on the loan = 14 300 × _ × □
100
=$
b total to be repaid = 14 300 + ____

=$
c □
monthly repayment = _
□
=$
5 Monica borrows $5800 to buy a bedroom suite. The simple interest rate is 8.6% p.a. and she takes the loan
over 4 years.
a Find the interest on the loan. b Find the total amount to be repaid.


compound interest For a compound interest investment, the interest earned at the end of each time period
interest that is is added to the principal. This increases the principal that is used to calculate the
calculated on the interest for the next time period. Therefore, with compound interest you are earning
current balance interest on the interest you have previously earned.
of an investment,
including the
interest from
the previous
time period
EXAMPLE 1A– 3 Calculating the total value of an investment and compound

interest earned
$2000 is invested for 3 years at 7% p.a. interest compounded annually.
a Find the amount the $2000 will grow to after 3 years.
b Find the amount of interest earned.
Solve
a
Year Balance at start Interest Balance at end of year
of year
_7
1 $2000 × 2000 = $140 2000 + 140 = $2140
100
_7
2 $2140 × 2140 = $149.80 2140 + 149.80 = $2289.80
100
_7
3 $2289.80 × 2289.80 = $160.29 2289.80 + 160.29 = $2450.09
100
The amount the $2000 will grow to after 3 years is $2450.09.
b The amount of interest earned = 2450.09 − 2000 = $450.09
Think Apply
a Use I = Prn with P = 2000, r = 0.07 and n = 1 Use I = Prn with n = 1 to calculate the interest
to find the interest for the first year of $140. Add each year. The principal each year is the previous
$140 to $2000 to get a new principal of $2140, principal plus the interest for that year. The
then calculate the interest on $2140. interest earned is the total balance less the
b Subtract $2000 from the total balance. original principal.
6 a Complete the table to determine the final value of $2800 invested at 7% p.a. compound interest for
3 years.
Year Balance at start of Interest Balance at end of

year year
1 $2800 $196 $2996
2 $2996 $209.72
3
b Calculate the total interest earned.

Interest = ____ − 2800 = $____


7 Toby invested $6500 for 4 years at 6.5% p.a. interest compounded annually.
a Using a table, find the value of Toby’s investment after 4 years.
b Find the amount of interest earned by Toby in the 4 years.
8 a Complete the table to determine the final value of $980 invested at 3% p.a. compound interest for
4 years.

year year
1
2
3
4
b Calculate the total interest earned.

c Use digital technology to produce a graph of the value of the investment over 4 years.
9 Adele decided to invest her savings of $10 350 for 5 years at 7.7% p.a. compound interest.
a Complete the table.
P R O B L E M S O LV I N G , R E A S O N I N G A N D J U S T I F I C AT I O N

year year
1
2
3
4
5
b If Adele intends to buy a car that is expected to be valued at $14 495 when her investment matures, will
she have enough to buy the car? Explain.
c By how much is the investment over or under the value of the car?


10 June receives a gift of $5000 from her grandparents for her 21st birthday. She looks at different investment
options, and wants to compare simple and compound interest investments at 5% p.a.
a Complete the following table to determine the final values of the two investments after 5 years.
Time Simple interest at 5% p.a. Compound interest at 5% p.a.

Start of first year $5000 $5000
Start of second year $5250 $5250
Start of third year
Start of fourth year
Start of fifth year
Start of sixth year
b What is the difference in the value of the investments after the 5 years?
11 Leo wants to compare the potential value of two different investment opportunities. Bank A offers a
simple interest rate of 6.2% p.a. and bank B offers a compound interest rate of 6.0% p.a., with the interest
compounded monthly.
a If $10 000 is invested with each bank at the start of the year, which investment will have the higher
balance at the end of the first year, and by how much?
b To receive the offered interest rates, the investments have to be made for a minimum of 2 years. Which
investment will have the higher balance at the end of the second year, and by how much?
c Explain why the answers to parts a and b are different.
We can use a spreadsheet to generate tables for compound interest investments. Open a new spreadsheet and
SPREADSHEET APPLICATION
type in the column headings from the example below into cells A1 to D1. Then follow these instructions.
Enter in the amount of the principal (in dollars) into cell B2.
Type the formula =a*B2 into cell C2, where a represents the interest rate per time period expressed as a
decimal. Fill down to C5 and beyond.
Type the formula =B2+C2 into cell D2 and fill down to D5 and beyond.
Type the formula =D2 into cell B3 and fill down to B5 and beyond.
A B C D
1 Year Balance at start of Interest ($) Balance at end of
year ($) year ($)
2 1
3 2
4 3
5 …
12 a $1000 is invested at 7% p.a. interest compounding annually. Use a spreadsheet to calculate the value of
the investment at the end of each year for 10 years.
b Use digital technology to produce a graph showing the value of the investment over a period of 10 years.
c On the same set of axes as part b, draw a simple interest graph for the same time period, but with a rate
of 9% p.a.
d Use the graph drawn in part c to determine the number of years it takes for the two investments to be the
same total amount.


13 a $4000 is invested at 7.4% p.a. interest compounding annually. Use a spreadsheet to create a table
SPREADSHEET APPLICATION showing the value of the investment at the end of each year for 10 years.
b Use digital technology to produce a graph showing the value of the investment over a period of 10 years.
c Find the time for the investment to be worth $6500.
d On the same set of axes as part b, draw a straight line joining the point representing the initial value of
the investment and the point representing the investment value after 10 years.
e Calculate the gradient of the straight line drawn for part d to help you determine the equivalent simple
interest rate.
14 An amount of $70 000 is to be invested for 9 years.

a Use a spreadsheet to determine the total interest earned on the investment if the initial amount is
invested at:
i 9.2% p.a. simple interest
ii 9.2% p.a. compound interest with interest compounded annually.
b Explain why the final value is different for the two investment options.
c On the one set of axes, draw graphs to show how the value of the investment changes for each option
over the 9 years.
d The graph for simple interest shows a linear relationship. Explain why.
e The graph for compound interest shows a non-linear relationship. From the shape, what type of
relationship can be seen? (Hint: consider whether it has the shape of a quadratic, cubic, exponential or
reciprocal relationship.) Explain your choice.
f The graph for a simple interest investment has the equation A = Prn + P, where A is the final value of
the investment, P is the principal, r is the interest rate and n is the number of time periods. How does
this relate to the general equation of y = mx + c?
g The graph for compound interest has the equation A = P(1 + r)n. How does this relate to the general
equation of y = kax? Does this confirm your choice of non-linear relationship in part e?
15 An amount of $100 000 is to be invested for 10 years.

a Use a spreadsheet to determine the final value of the investment if the initial amount is invested at:
i 8.5% p.a. simple interest
ii 8.5% p.a. compound interest with interest compounded annually.
b Explain why the final value is different for the two investment options.
c On the one set of axes, use digital technology to draw graphs that show how the value of the investment
changes for each option over the 10 years.
d What type of relationship does the graph for simple interest show? Explain.
e What type of relationship does the graph for compound interest show? Explain.
f Using the fact that simple interest follows a linear model and compound interest follows an exponential
model, explain why investors prefer to invest their money so that it earns compound interest rather than
simple interest.

Chapter 1 Investments, depreciation and loans 9

1B The compound interest
formula
• Video tutorial 1B: Watch and listen to an explanation of Example 1B–1
• Spreadsheet 1B: Use the compound interest formula
• Worksheet 1B: Practise your skills with extra problems for compound interest
• Investigation 1B: Investigate another use of the compound interest formula
• assess quiz 1B: Test your skills with an auto-correcting multiple-choice quiz
In the financial world, the principal, or initial amount, is known as the present value of the
investment. The amount to which the principal grows is known as the future value of the
investment.
Compound interest can be calculated by using the following formula.
Compound interest formula

FV = PV(1 + r)n
where FV = the future value
PV = the present value
r = interest rate per compounding period
n = number of compounding periods
EXAMPLE 1B– 1 Finding the interest earned for a compound interest investment
a Use the compound interest formula to calculate the future value of a fixed term investment of $5000
over 5 years at 6.5% p.a. interest compounding yearly.
b Find the total interest earned.
Solve Think Apply
a FV = PV(1 + r)n PV = 5000 The interest rate and
= 5000 × (1 + 0.065)5 r = 0.065, as the compounding the time period must
= 5000 × (1.065)5 period is annual, the interest correspond. Substitute into
= $6850.43 rate is the annual rate. the formula. The interest is
n = 5, as the compounding calculated by subtracting the
period is annual, the number of original investment amount
time periods is the same as the (the present value) from the
number of years. future value.
b Interest = 6850.43 − 5000 Subtract the present value
= $1850.43 of $5000 from the answer to
part a.


EXERCISE 1B The compound interest formula
1 a Using the compound interest formula, complete the following to calculate the future value when $6500
is invested for 7 years at 4.2% p.a. interest compounding annually.

PV = r = 4.2 ÷ = 0. n=
FV = PV(1 + r)n
= (1 + )7
= 6500( )□
=
b Complete the following to find the total interest earned.
Interest = − 6500 =
2 a Use the compound interest formula to calculate the future value of a fixed-term investment of $4000
3 a Use the compound interest formula to calculate the future value of a fixed-term investment of $6453
EXAMPLE 1B– 2 Calculating the future value of a compound interest investment

Use the compound interest formula to calculate the future value of a fixed-term investment of $3500 over
7 years at 6.2% p.a. interest compounding quarterly.
Solve Think Apply

FV = PV(1 + r)n There are 4 quarters in a Calculate to find the number of
= 3500 × (1 + 0.0155)28 year, so n = 7 × 4 = 28 time periods, then find the interest
= 5000 × (1.0155)28 time periods. rate for the required time period.
= $5384.01 Quarterly interest rate is the Substitute into the compound
annual rate divided by 4: interest formula. Usually, the
r = 0.062 ÷ 4 = 0.0155 time period is multiplied and the
Present value is $3500. interest rate is divided by the same
number.
4 Using the compound interest formula, complete the following to calculate the future value of a fixed-term
investment of $1200 over 5 years at 8.4% p.a. interest compounding quarterly.
PV = n= ×4= r = 0.084 ÷ =
FV = PV(1 + r) n
= 1200(1 + )□
= 1200 × ( ) □
5 Use the compound interest formula to calculate the future value of a fixed-term investment of $950 over
3 years at 4.1% p.a. interest compounding quarterly.


6 Using the values in this table, calculate the future value of each fixed-term investment.
Principal Rate p.a. Years Compounding

period
a $700 6% 3 Quarterly
b $450 8% 5 Monthly
c $12 000 5% 2 Six-monthly
d $650 4% 8 Monthly
e $8540 6.5% 6 Quarterly
f $2205 3.8% 4 Monthly
7 Calculate the future value of the following investments to determine which option gives the best return
over a year on $5000 invested. How much better is the return on this investment than on the other two
investments?
a 6% p.a. compounding yearly b 5.9% p.a. compounded quarterly
c 5.85% p.a. compounding monthly
The compound interest formula can be rearranged to determine the amount that needs
to be invested if the required future value is known.
FV
PV = _ (1 + r) n
EXAMPLE 1B– 3 Calculating the present value of a compound interest investment

Calculate the amount that must be invested at 6% p.a. interest compounding annually to have $5000 at the
end of 4 years.
Solve Think Apply

FV Find the required values and
PV = ______n FV = 5000, r = 0.06, n = 4
(1 + r) substitute into the rearranged
5000 Substitute into the rearranged
= ________4 formula to find PV. formula. Solve the equation to
(1 + 0.06)
5000 determine the required value.
= _____4
(1.06)
= $3960.47
$3960.47 must be invested.
8 Complete the following to calculate the amount that must be invested at 7% p.a. interest compounding
annually to have $6000 at the end of 5 years.
FV = 6000 r= n=
FV
PV = _n
(1 + r)
6000
=_
(1 + 0.07) □
= 6000
= $____


Another random document with
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will pay, chalice, bells, and all, by 20 nobles.” The certificate of
surrender is dated August 7th.[153] It states that the house was
surrendered voluntarily, without any counsel or constraining, for very
poverty—a manifest falsehood, as the Bishop’s own letters testify.
The witnesses of this surrender were Richard Wetwode, “Master of
the Guild there,” and the two constables, Alexander Grene and
Thomas Lont. The Visitor delivered the house and goods to these
three, gave every friar a letter, and departed. An inventory of the
goods so delivered follows, and comprises articles in kitchen,
brewhouse, choir, and sextry. There is also a statement of the debts
owing by the house, which were partly for malt and rye, with 30
shillings which had been borrowed “for byldyng of the quere” and 20
shillings due to the Bishop for five years’ rent. Four days later Dr.
Legh wrote to Cromwell, on his own account and also at the instance
of the Bishop, to both of whom Wetwode had shown “great
pleasure,” asking that Wetwode should have the preferment.[154] It is
evident that just as great lords and enterprising country squires were
interested parties in the suppression of monasteries, so the rising
tradesmen in the towns cast longing eyes on the houses of the friars.
This accounts for the co-operation of the municipal authorities in the
work of dissolution.
A very full and detailed account of the Bishop’s procedure in
regard to the friars is given in a memorandum referring to the
visitation of the two houses at Stafford. This most interesting and
valuable document is as follows:[155]
“Mem. This 9 day of August in the 30 year of our most dred
Sovereign lord King Henry VIII., Richard Bishop of Dover, visitor under
the Lord Privy Seal for the King’s Grace, was in Stafford in the Grey
Friars and also in the Austen Friars, where that the said Visitor said to
the heads and brethren of both places these words: Brethren, where
that I understand ye have had information that I should come, by the
King’s Commission, to suppress your house and put you out, fear not,
for I have no such commission, nor I use no such fashion in any place.
I am sent to reform every man to a good order and to give injunctions
for preservation of the same. If ye can be content and think yourself
able here to live and to be reformed and to observe such reasonable
injunctions as I shall leave with you, the which or that I require your
answer, ye shall here and see in writing, then I am and shall be
content that ye shall with the King’s favour continue as before ye have
do. If that ye be not able to live and observe the same then if ye of
your own minds and wills give your houses into the King’s hands I
must receive them. The said injunctions were read to them which
were reasonable. The said heads with all the brethren with one
assent, without any counsel or co-action, gave their houses into the
Visitor’s hands to the King’s use. The Visitor received the same, and
of the houses and implements made inventories and delivered them to
such as should keep them to the King’s use, and so delivered to each
friar a letter to visit his friends and so departed. This witnesseth John
Savage and Thos. Russell, Bailiffs of the borough of Stafford; Wm.
Stamforde and Ric. Warde, gentlemen, with divers others.”
The mean trickery as well as absolute perversion of truth in the
Bishop’s conduct and statement could not be better shown than in
this interesting record. The wretched friars were already trembling for
their own safety, as they saw the monks on every side dispossessed
and impoverished, and impoverished themselves at any rate by the
check which the events of recent years must inevitably have given to
bequests and alms to all religious institutions. Disheartened by long
uncertainty, they fell easy victims to the bullying and falsehoods of
the plausible Visitor and his coadjutors, the vulgar and rich
shopkeepers who accompanied him, the latter eager for the site and
buildings, adjoining perhaps their own places of business, and
certainly convenient for warehouses and store-rooms. It was not till
the spring of 1539 that Parliament passed an Act recognising the fait
accompli and giving the King all the religious houses.
The Inventory of the possessions of the Austin Friars at Stafford,
which were placed in charge of William Stamforde, of Rowley, and
Master Richard Warde, of Tylynton, is full of interesting details
throwing much light on the ecclesiastical and domestic arrangements
of the time.[156] In the vestry there was a cross of copper gilt “with an
image silver of parcel gilt,” a copper censer, four “suits” (i.e., sets) of
vestments, one black set for requiems, and one with “images” of the
Blessed Virgin, two green copes, one black “chamlet,” etc. In the
choir were two old altar-cloths, two small candlesticks, a sacring-bell,
and a “pair of organs.” There were two bells in the steeple. In the
church were two stained cloths, an alabaster table, two ladders, and
two benches. The contents of hall, kitchen, recreation-house, etc.,
are also given. There was little or no lead, and the yearly rents
amounted only to 51s. 8d. The Visitor took into his own keeping the
chalice, which weighed 13 oz., and he ordered that the servants
should be paid ten shillings of their wages at the next Michaelmas.
The Inventory of the house of the Grey Friars is similarly detailed.
[157] In the sextry there were five “suits” without albs; a suit for
requiems, one each of dun silk, yellow sey, and branched green silk.
There were six copes, two being of linen cloth “stained with image
work.” There were six altar-cloths, a pyx of latten, etc. In the church
were four alabaster tables, a pair of large candlesticks, a cross, and
a censer of latten, two missals, one printed and one written, “a pair
of small organs,” etc. There was much lead, for half the choir was
leaded and one of the chapels. The rents only came to 26s. 8d.
Again the chalice was taken by the Visitor, with six spoons: 16 oz. in
all.
Next day he was at Newcastle-under-Lyme.[158] He found it owed
£14, for which all its substance was in pledge, yet was insufficient to
meet the debt. The Inventory was again signed by the town officials,
John Lymforde, Mayor, and Thomas Brodsha and Richard Smyth.
The Inventory of the goods showed that in the vestry there were
“suits” of blue silk, of silk with roses, and of green silk. There were
eleven chasubles, five copes, and two old tunicles. In the choir there
were two pairs of candlesticks of copper and latten, one cross of
copper and gilt with a “Mary and John.” “A pair of organs” is
mentioned and an alabaster table on the High Altar. In the steeple
were two bells. In the house were two old feather beds, one old
bolster, and five old coverlets, an old chest, and a green covering of
say. The usual articles are mentioned in kitchen, brewhouse, hall,
and buttery. The choir and cloisters were roofed with lead, and the
rents came to 40s. a year. The Bishop of Dover took possession of
the chalice, which was a small one, five spoons, and “two narrow
bands of masers” (14 oz.), but he sent up to Cromwell three boxes
“of evidence,” one of the King’s, one of other gentlemen’s, and one
of the Convent’s.
He wrote from Lichfield an account of his journey to that point,
and supplemented it on August 13th by another letter written at
Shrewsbury.[159] He apologises for not being able to send at once all
the Inventories, but he had no leisure for such work, and, moreover,
his servants were ill. Perhaps they could not stand the rapidity with
which he travelled, “but I trust to se yower lordschype within a veke,
and be that tyme I trust to make an ende in all Walys.” He continues:
“Sumwhat to certyfye yower lordeschype of the state off suche as I
have receyveyd sythe that I wrote to yow towcheynge Stafforde, the
Austen Fryeres ther ys a pore howse, with small implementes, no
jwelles but on lytyll chales, no led in the howse, in rentes by yere lis.
xiiid. The Graye Fryeres ther, halfe the quere ledeyd and a chapell,
small implementes, no plate but a chales and vi. small sponys, in
renttes xxvis. iiiid. The Blacke Fryeres in Newecastell Underlyne, all
in ruyne, and a pore howse, the quere ledeyd and the cloeyster led
redy to fall downe, the reste slate and schyngyll; in fermys by yere
xls. On master Broke hathe of late fownde the menys with the prior
to gett of hym the more parte of they howseys and grownde ther by
iii. leseys, and that for lytyll money; he wolde a gyve me golde to a
grantteyd to hys leseys, but I toke no peny of hym nor of non other,
nor non woll. Iff he have thoys leseys there ys lytyll besyde, for he
hathe lyberte allmost in all. Ther ys a proper wode, but he hathe all
in lese. No sylver above xiii. ounce.” The property had been fully
mortgaged to Mr. Broke, possibly, but not probably—for the general
poverty of the house amply accounts for it—with a view to the
threatened visit of Dr. Ingworth. But the Bishop’s elaborate assertion
of his superiority to bribery must have been amusing reading to
Cromwell: he “doth protest too much, methinks.” He was not chary of
sycophancy, however. He proceeds, after describing the ruined state
of the Austin Friars at Shrewsbury: “My synguler good lorde, I
beseche youe pardon me of my rude wrytynge, and yf that I do not
my dewte as I owte to do I beseche youe pardon me, for my hart and
intente ys to do that thynge that shulde specyally plese God, the
kynges grace, and yower lordschype, accordeynge to my dewte.” He
then goes on to “beseche” his Lordship, the son of the drunken
brewer, “that yf before my cumynge there be any order taken for
Newecastell Underlyne, that ye wolde be good lorde to on Master
Johan Bothe, a servant of the kynges graces, the whyche is a grett
bylder in theys partes, that he myght for money have the slate and
schyngyll ther; for ther ys no other to be don with the more parte of
that howse, but save the lede and slate, and take the profete of the
grownde. That master Bothe for yower sake sheuyd me many
plesures and gave me venyson; wherefor I may no lesse do but
wryght to yower lordeschype besecheynge yow to be good lorde to
hym, an I ever yower orator to Jhesu, who preserve yower
lordschype.”
In this year Bishop Lee issued a series of injunctions to the clergy
of the diocese.[160] In these he ordered sermons to be preached at
least quarterly in “all monasteries.” There were few remaining by the
end of the year, and only one—Burton-on-Trent, in Staffordshire. No
monks or friars were to have any “cure or servyce,” “except they be
lawfully dispensed withall or licensed by the ordinary.” Confessions
to monks and friars were forbidden, though ordered to be made to
parish priests, before Communion, and the wearing of secular dress
was sternly condemned.
Cromwell also issued injunctions to the clergy, on September 5th,
1538,[161] ordering, among other things, “that such Images as ye
know in any of your cures to be so abused with pilgrimages or
offerings of anything made thereunto ye shall for avoiding of that
most detestable offence of Idolatry furthwith take down and deley ...
admonyishng your parishioners that Images serve for no other
purpose but as to be bookes of unlearned men that can no letters....
And therefor the kinges highnes graciously tenderyng the weale of
his subjectes sowles hath in parte alredy and more will hereafter
travail for the abolishing of suche Images as might be occasion of so
greate an offence to god and so gret daunger to the sowles of his
loving subjectes.” No charge of superstition had been brought
against the image of St. Modwen at Burton by Layton and Legh at
their visitation, but none the less it was pulled down. Sir William
Bassett, of Meynell Langley, a few miles from Burton, wrote as
follows to Cromwell:[162] “Ryght honorabull my inesspeyciall gud
lord, accordyng to my bownden dewte and the teynor of youre
lordschypys lettres lately to me dyrectyd, I have sende unto yowre
gud lordschyp by thys beyrer, my brother, Francis Bassett, the
ymages off sentt Anne off Buxtone and sentt Mudwen of Burtun
apon Trentt, the wych ymages I dyd take frome the place where they
dyd stande, and browght them to my owne howss within xlviiie
howres after the contemplation of yowre seyd lordschypis lettres, in
as soober maner as my lyttull and rude wytt wollde serve me. And
ffor that there schullde no more idollatre and supersticion be there
usyd, I dyd nott only deface the tabernaculles and placis where they
dyd stande, butt allso dyd take away cruchys, schertes, and schetes,
with wax offeryd, being thynges thatt dyd alure and intyse the
yngnorantt pepull to the seyd offeryng; allso gyffyng the kepers of
bothe placis admonicion and charge thatt no more offeryng schulld
be made in those placis tyll the kynges plesure and yowre
lordschypis be ffurther knowen in that behallf.... And, my lord, as
concerning the opynion off the pepull and the ffonde trust that they
dyd putt in those ymages and the vanyte of the thynges, thys beyrer
my brother can telle yowre lordschyp much better att large then I can
wryte, for he was with me att the doing of all.” The said Francis
Bassett was in the service of Cranmer, and we shall meet with him
again; “There cam nothyng with theym but the bare imagis.” Bishop
Lee saved from the spoilers the jewels of St. Chad’s Shrine at the
Cathedral for “necessary uses.” Prebendary Arthur Dudley was one
of the authorized commissioners for holding such Church goods as
were seized by the Crown, but he apparently reverenced holy things,
and gave the bones of St. Chad to some female relatives of his. The
latter handed them to two brothers named Hodgetts, and eventually
some of them have been deposited in the Roman Catholic Cathedral
at Birmingham. The shrine disappeared, and as the relics had gone
the Cathedral was spared such sacrilege as was witnessed
elsewhere.
CHAPTER VIII
THE GENERAL SUPPRESSION: SECOND STAGE
Meanwhile the harrying of the houses continued, and the feeling

of uncertainty deepened. It became more and more evident that the
whole monastic edifice was falling. The dissolution of the lesser
monasteries and the sharing of their spoils had served the useful
purpose of creating an appetite for more. On February 20th, 1538,
Francis Lord Hastings wrote to Cromwell begging the Abbey of
Burton, apologizing for not having written sooner, and explaining that
he should have done so but that he had been suffering from
measles.[163] On August 23rd, Cranmer wrote urging on Cromwell
the suppression of Tutbury, and desiring that Commissions should
be sent to Rocester and Croxden.[164] The three had paid large
sums for their continuance only a year before, but Cranmer was
interested in obtaining them, or one of them, for his servant, Francis
Bassett. Again, on December 14th, he wrote begging for Croxden to
be given to Bassett.[165]
Bishop Roland Lee had continued his pleading for the Priory at
Stafford, and when time went by without seeming to bring him nearer
obtaining it he began to suspect Legh of playing him false. The latter,
however, assured him he was as interested as the Bishop himself in
the matter, though he advised an application direct to Cromwell. “I
have spoken,” he wrote,[166] “to Mr. Strete for the suppression of St.
Thomas’s, but I would your lordship should write to my Lord Privy
Seal (Cromwell) for your own matter, and to thank him, for he told
me he would move the King for you and your heirs to have St.
Thomas’s, and no doubt the King will be content, and, indeed, it is all
one. Remember to write to my lord to put away sinister suspicion,
and be not light of credit against me: mistrust without cause is very
unpleasant.” Thus encouraged, Lee returned to the charge, adding
fresh inducements. He suggests that the longer the matter is delayed
the less there will be to confiscate, “as the Prior makes unreasonable
waste.” He asks that the Priory may be let to him “at an easy rent,
that the poor boys, my nephews, may have some relief thereby”; and
he begs that Cromwell will write to the surveyors that he may buy
what things belonging to the house he desires.[167] The latter
request he obtained. Again, on December 13th, he wrote to
Cromwell on the same subject. He even ventured to apply direct to
the King, both in person and by letter. There is a letter of his written
to the King on December 26th, which says: “Where at my being with
your Majesty, I moved the same for the late Priory of St. Thomas, I
was minded to pay a certain sum as your Grace should determine. I
am so much bound to your Majesty that I can crave no more; but,
being charged with eight poor children of my sister’s, now fatherless
and motherless, I am forced to show the truth.”[168]
Other petitions had flowed in, and gradually matters were
arranged. Some houses were granted as they stood, sites, buildings,
furniture and other contents, stores, animals, farm implements, etc.,
to a single recipient in return for a single money payment. No doubt
influential petitioners like Bishop Roland Lee and Lord Derby (who
obtained Dieulacres) met with less rivalry than more obscure suitors
who made efforts for the smaller houses. There appears to have
been keen competition for the little nunnery at Brewood.
When the houses and belongings were to be sold en bloc, Dr.
Legh, with whom went William Cavendish as auditor, appears to
have had the management, while Scudamore conducted the
business where other arrangements had been made, and the
contents of the houses were sold by public auction.
The religious houses found that their attempts to secure a further
lease of life for themselves by authorized payments to the Royal
Treasury, or by irregular bribes to Cromwell and his friends, had all
failed. The large fines recently paid served to prolong the houses for
a twelvemonth only, and as the autumn of 1538 drew on the news
probably reached all the houses that they were doomed.
The harvest having been safely gathered in by the monks, in
accordance with the royal injunctions, the royal agents began to
close round them once more, and the last agony began.
John Scudamore was appointed “Receiver-General unto the
King’s Majesty of the dissolved possessions” in Staffordshire and
elsewhere. He received his authorization on August 23rd, 1538, from
Sir Richard Riche, the Solicitor-General and Chancellor of
Augmentations. His instructions were to survey all the lands of
surrendered houses and to make a return of their yearly value, with
such pensions and corrodies, etc., as they might be burdened with.
The bells and superfluous houses were to be sold, and the lead
melted into “plokes” and sows and marked with the Royal mark, and
delivered under indenture to the constables of neighbouring castles.
[169] On September 27th, the goods of both houses at Stafford were
sold, on October 4th the friary at Lichfield, on the 15th Scudamore
was at Croxden, and next day at Rocester; on the 21st he was at
Hulton. The details of all these sales are extant and are full of
interest.
The sales were evidently conducted in a most wasteful way, as
Robert Burgoyne, who acted as auditor at the sales at Stafford,
testified. He told Scudamore, “I have sold in some ffrire houses all
the buyldynges, the cause was for that they were so spoyled and
torne by suche as sold the goodes, that in manner they were downe,
and yff they shuld nott have ben sold, the kyng shuld have hadd
nothyng theroff.”[170]
Although there had been loud discontent at the threatened
dissolutions of the friaries at Stafford, the townspeople did not
hesitate to profit by the sales any more than the country people did
in the case of the monasteries. They knew that the end of the alms
and easy rents had come, and it was only human nature to make the
best of the sorry business. The town bought the stone wall of the
Grey Friars and a pair of candlesticks at Stafford; and the
churchwardens a Corporas.[171] The “warden of the sayd [Grey]
Fryers” bought two brass pots for eight shillings and six plates for
2s.; the under-bailiff and the late warden of the friars bought “iii
leads, one to brue in, and ii to kele in, fates, iiii tubbes, a bulting
hutche, and a knedyng troughe” for 14s. 7d. Friar Wood bought a
vestment of blue fustian and one of white diaper for 6d., and the
Prior of the Austin Friars bought a vestment of white bustion for 8d.
The friars were determined to make the best of things. Robert
Whytgreve bought books. The great purchaser was James Luson or
Leveson, from Wolverhampton, who followed the sales. At the sale
of the Grey Friars in Stafford he purchased “a table of alabaster
standyng in the church” for 2s. 8d., and “all the churche and quyer,
with all edyfyengs and buyldynges within the precinct of the Fryers
Minours surrendryd, with all the stone, tymber, tyle, glasse, and iron
in the same, ledd and belles only exceptyd, and also exceptyd and
reservyd the stone wall next unto the towne of Stafford,” for £29 1s.
8d. At the Austin Friars he bought a vestment and two tunacles “of
bawdekyn with images of our lady” for 18d., two copes, “greene and
yelowe partye colouryd and rewyd,” for 22d., and, with Thomas Picto
and Richard Warde, “all the tyle, shyngle, tymber, stone, glass, and
iron, one marble gravestone, the pavementes of the church, quyer,
and chapelles, with rode lofte, the pyctures of Cryst, Mary, and
Johan, beyng in the church and chauncell of the Austen Fryers,
besydes the towne of Stafford, surrendryd with all other superfluos
edyfyes and buyldynges within the precynct of the seyd Fryers, to be
takyn down, defaycd, and caryed away by the seyd Loveson, Picto,
and Ward, at there owne proper costes and charges,” for £28 8s. 4d.
The two bells at the former house, one a Sanctus bell and one “by
estimation Xcth,” were also placed in his custody. Sir Richard Riche
wrote to Scudamore “to assingne and apoynct unto my ffrende
James Lewson the five bellis remaynyng at the late monasterie of
Wenlocke.”[172] Robert Dorynton was another dealer. At the Austin
Friars at Stafford he purchased “a table in the inner hall with ii
trestylles and iii formes,” and at the Grey Friars, Stafford, he bought
a “gret basen” from the buttery, 3 altar cloths, the seats in St. Francis
Chapel, books in library and vestry, a coffer in the former, four
pennyworth of “old wexe,” and a lamp. Robert Wetwode, the Master
of the Guild, bought “the table at the hyeghe deske” in the hall for 8d.
The whole contents of the kitchen sold for 22s. 2d., of the church,
55s. 8d., of the brewhouse, 15s., and of the hall, 3s. 4d. The total
sales of goods and buildings at the Grey Friars fetched £34 3s. 10d.
The lead upon choir and chapel, 45 feet broad “of bothe sydes” by
43 feet long, was left in the custody of the town bailiffs. The contents
of the Austin Friars fetched 79s., and Robert Burgoyne, the auditor,
kept “one playne crosse of copper with a lytle image of Cryst sylver
apon hyt,” estimated to be worth 3s. 4d., John Scudamore kept “one
lytle woodden crosse,” which is noted as being “platyd over verry
thyn with sylver,” and as being worth only 12d. “Ther remaynyth in
the steple one belle, by estimation Xcth in the custody of Thomas
Picto, worth by estimation viiili., and a lytle bell worth 8s. The total
sales of goods and buildings at the Austin Friars produced £32 6s.
4d.
The Grey Friars’ house at Lichfield was sold on October 4th. The
“prisors jurati,” or sworn valuers, were Robert Ryve, William Colman,
Marke Wyrley, and Thomas Fanne. Mr. Strete made a great
purchase of “all the copes, vestments, and tynakles in gros for xls.,”
also two candlesticks of latten, for 8d., the paving tiles in the cloisters
for 40s., and of the choir for 13s. 4d. Thomas Fanne, above-
mentioned, bought “the bryck wall at the churche ende” for 2s.;
Marke Wyrley, “a fryer’s masse boke” for 4d., and William Colman
“the glasse that ys lewse in the newe loggyng” for 3s. The Warden of
the Guild bought a vestry press, “the cundyt of ledd in the cloyster,”
“all the kechyn stuff,” and “ii. standert candelstyckes.” Mr. Lytleton
bought “the cesterne of ledd standyng in the porche at the Tenys
Court ende,” and “a lytle porche standyng by the dwellyng house.”
The whole of the buildings were sold to a “ring” of eight purchasers
for £42 13s. 4d., “except and reserved ledd, belles, pavement, and
gravestones within all the seyd buyldynges, save only the pavement
of the seyd churche, whyche ys parcell of the seyd bargayne ... and
hath day to deface the steple, cloyster, and quyer forth [with], wyth
the churche, onles they obteyne lycens otherwyse of the kyng, and
hys councell, athyssyde the feast of the Purification of our Lady next
commyng, and for all the residewe of the buyldynges iii. yeres day to
pull downe and carye awey, and to have egresse and regresse for
the same.” These careful stipulations that the buildings should be
defaced and destroyed show that the ruin of the monastic buildings
is not to be attributed to the ravages of time alone, but also to wilful
and deliberate vandalism.
Meanwhile Legh and Cavendish began to go on their circuit.
They were at Tutbury in the middle of September. No record exists of
the procedure or of the means Legh used; but his progress was an
unqualified triumph and the surrenders of the monasteries one after
another were formally received. The Deed of Surrender was signed
at Tutbury on September 14th.[173] It bears the following signatures:
[174]
p me Arthurum priorem de Tuttbury p me Thomam Norton p me

Thomam Smith p me Thomam Shele p me Rob’tum Stafford p me
Nycholas Broly p me Rogerum Hylton p me Thomam Renez p
Richardum Arnold
From Tutbury they proceeded, along the road by the banks of the
swift and winsome Dove, to Rocester. There the canons, who seem
to have been living simple, harmless lives among neighbours who
respected them, were speedily forced to sign the Deed of Surrender.
It is dated September 16th, and the seal, except for a fracture at the
base, is still in good condition. The signatures are as follows:[175]
per me Wylliamum Grafton
„ Georgium Dave
„ Johannem Snape
„ Ricardum Heith
„ Johannem Brykylbake
„ Radulphum Corke
„ Williamum Bond
„ Georgium Graftu
„ Johannem Dayne
The following witnesses signed:

Mr. [magister] Williamus Bassett, miles
Thomas Fizharberd, armiger
William Bassett, armiger
Johannes Fizharberd, generosus
Hurrying away up the secluded valley to the west, Legh came in

an hour to the Abbey of Croxden. Its surrender was signed next day,
and the seal is in good condition:[176]
per me Thomam Chalner Abbatem de Crokesden
„ Thomam Rollesto[n]
„ Robertum Clarke
„ Thomam Kelynge
„ Johannem Thornto[n]
„ Johannem Orpe
„ Johannem Almo
„ Wylliamus Beche
„ Henricum Rothwell
„ Robertum Keydr.
„ Johannem Standlaw
„ Rycardum Meyre
„ Thomam Hendon
The following signed as witnesses:

Mr. Georgius Vernam, armiger
Ranoldus Corbett, armiger
Walterus Orton, generosus
Dominus Edmundus Stretaye
Archbishop Cranmer’s desire was thus accomplished, and the

three Staffordshire houses of Tutbury, Rocester, and Croxden, owe
their destruction directly to him.
Scudamore followed and held his public auctions. The sale at
Croxden took place on October 15th. Mr. Bassett, who looked to
have the place by Cranmer’s good offices, purchased the “lytle
gatehouse on the north syde of the comyn wey,” the loft under the
organ, “the lytle smythes forge,” and the roof of the dormitory. He
paid for the latter only. The whole sale only produced £9 9s. 8d. The
sale at Rocester next day was short and speedy, as nothing was
sold save St. Michael’s Chapel. John Forman bought “the glasse and
iron in the wyndowes” for 3s. 4d.; William Loghtonhouse the timber
of the same chapel for 7s. 6d.; and William Bagnall “the shyngle” for
8d., the total proceeds being 11s. 6d. The parishioners obtained the
three bells because they had been rung for their services as well as
for those of the canons.[177] At Hulton, on October 21st, the only
item was the unusual one of the bells. With the lead they were
generally sent to London, but here the three were sold to Stephen
Bagott, gentleman, for £19 16s., “after the rate of xviiis. the
hundredd.”
By this time the fate of St. Thomas’s Priory and of Dieulacres
Abbey had been settled. Bishop Roland Lee’s desires were to be
gratified, and the Earl of Derby was to have Dieulacres. Legh and
Cavendish accordingly proceeded towards these houses. Their first
business when they arrived at such houses as were to be disposed
of according to arrangements already made, was to empanel the jury
for the valuation. This is explained in the Account Book of Dr. Legh,
[178] which gives exceedingly full details of everything such houses
possessed at the time of their final suppression. Vestments and
church furniture, domestic utensils, farm implements, animals and
stores, all were made over alike to the purchasers, only such things
as the more valuable church plate, lead, and bells, being usually
held back. In spite of efforts at prevention it is obvious from the
inventories that a good deal had disappeared recently. No doubt the
religious themselves had made away with something, though this
was a dangerous thing to attempt; and probably there had been a
good deal of “picking and stealing,” regular and irregular, during
recent months.
It is somewhat surprising to find that so many of the monks and
nuns had remained after knowing that their fate was sealed. Some,
of course, had nowhere else to go: some stayed doubtless through
indifference: some waited for the promised pensions. All who
remained were “rewarded” and most were given pensions.
The final arrangement at St. Thomas’s, Stafford, was made on
October 18th, and at Dieulacres on October 21st, at the same time
as Scudamore was holding his auctions at Rocester and Hulton.
Legh’s inventories are given in full in the Appendix.[179]
On October 11th Dr. Legh received a letter from Sir Thomas
Hennege[180] informing him that the house of Benedictine Nuns at
Brewood was to be given by the King’s orders to Sir Thos. Gifford, a
Gentleman Usher of the Chamber, who had been begging for it for
over a year, and continuing, “At your now being there you shall put
him in possession, and he may at leisure apply to the Chancellor of
Augmentations for the lease.” Legh was on his way to Brewood at
the time. When he arrived at the house he found himself in a
difficulty. There was a rival claimant. He wisely referred the matter to
Cromwell, enclosing Hennege’s letter and saying, “There was Mr.
Littleton also who said the King was pleased he should have it, as he
perceived by your lordship when he was last in London.” The
cautious Legh did not care to run the risk of offending anyone, so he
solved the difficulty in a characteristic way, as he explains: “Wherfore
I and Mr. Candisshe have put them both in possession, and sold the
stuff to them both till they may know the King’s pleasure.”[181] Legh’s
inventory describes the sale as having been made to Sir Thomas
Gifford. Gifford certainly obtained the place in the end.
The Black Nuns of Brewood surrendered on October 16th.[182]
None of them signed the document. The house was too poor to
afford accommodation suitable for Dr. Legh, and he went on the
same day to Lilleshall Abbey, which he gave to Cavendish, who had
accompanied him as auditor, as he explains to Cromwell: “Now
being at Lilleshall, I intend to put Mr. Candisshe in possession of the
farm of the house who prays you that in his absence he be not in this
behalf supplanted.”
Legh himself went on to Stafford next day. Bishop Roland Lee’s
solicitations at last had their desired effect, and on October 17th the
Priory of St. Thomas surrendered. The Deed bore the following
signatures:[183]
p me Ricardum Whittall, p’iorem
p me Ricardum Harve
p me Thomam Baguley
p me Will’m pipstoke
p me Guilihelmum Stapletone
+ p me Christtoferum Symson
There was at least one other canon, William Boudon, and when
the affairs of the house were wound up next day he received no
pension. No doubt this was his punishment for refusing to sign the
Deed of Surrender. The whole was sold to Bishop Roland Lee.
From Stafford a long journey was made northwards as far as
Leek. There stood the imposing Cistercian house of Dieulacres,[184]
with its fine church, with a timbered roof and a screen bearing twelve
candles, a glazed cloister with carrells, a dormitory and fratry, an
infirmary, hall and buttery, larder and kitchen, and outhouses of
various kinds. Dr. Legh’s eyes must have glistened as they came in
sight of the wealth of lead which covered the roofs, and which he
subsequently computed to be worth no less a sum than the
enormous amount of £720. There was also a fine peal of bells.
Sheep and cattle, horses and pigs, were in the fields, stores of grain
were in the granary, and abundance of hay was on the site. So large
a house gave employment to a large number of servants. The monks
numbered thirteen, under Thomas Whitney, the Abbot.
The King’s Commissioners did not know how their visit had been
prepared for. The personnel at Dieulacres comprised a useful
proportion of members of the Abbot’s family. Besides himself there
were four other men of the name of Whitney—Humphrey, who was
bailiff of the Cheshire Manors, John, who was Chamberlain, and two
other lay members of the household. Under these circumstances it
was not difficult to devise a scheme which should to some extent
defeat the plan for wholesale confiscation. William Davenport,
steward of the courts and collector of the rents in the Frith and
elsewhere, who acted as Abbot Whitney’s secretary, prepared blank
forms which were duly sealed with the Convent seal while it was still
in the Abbot’s keeping. On these forms various leases were
subsequently made out, when Legh and Cavendish were safely out
of the way, one of which was the lease and reversion of the Manor of
Poulton for a tenure of sixty-one years.
All this was carefully concealed from the Commissioners when
they arrived. The seal having been used for the last time on the
Deed of Dissolution on October 20th,[185] was duly handed over, and
it was not till Elizabeth had reigned for some years that John
Whitney turned Queen’s evidence and divulged the whole story.[186]
There is no reason for supposing that John Whitney’s confession
was untrue. It was by no means improbable in itself, and no doubt
represented action which was often attempted. But there appears to
have been considerable hesitation in believing it and in acting upon
it. It was made in the seventh year of Elizabeth’s reign, and so long
afterwards as fourteen years later one of the alleged ante-dated
leases was cancelled by the Master of the Rolls and the Solicitor-
General. There had evidently also been much selling of stock here
as elsewhere. Legh only found sixty sheep, six oxen, three horses
and thirteen pigs, all of inferior quality. These represented but a
small proportion of the farm-stock which had formerly made
Dieulacres rich and prosperous, and obviously would give but little
occupation to the thirty men-servants who applied for “rewards.”
Abbot Whitney had evidently played a bold though dangerous game,
and it is impossible not to feel considerable satisfaction in the
knowledge that it succeeded so well.
On October 21st the whole was sold to Edward, Earl of Derby.
As the agents went about their work, they lived well and spent
large sums on their own entertainment. Even at Brewood they spent
on themselves nearly as much as they gave in rewards to the
Prioress and her nuns. At Stafford they spent £8 19s. 10d. on
themselves, and at Dieulacres £10 17s. They looked to be well
treated by all who desired their favour. Their path was strewn with
bribes and gifts from prospective makers of easy bargains. Robert
Burgoyne, who had acted as auditor at Stafford, sent Scudamore a
buck: “good Mr. Giffard kylled yt for you yesterdaye.”[187] Another
time he is told a hostess “hadd provyded a ffat swane for you.”[188]
Master Bothe, the “grett bylder,” who hoped for a good bargain in
regard to the Friary at Newcastle-under-Lyme, was careful to “show
Bishop Ingworth many pleasures.” On August 13th Bishop Ingworth
wrote to Cromwell asking “that yf before my cumyng ther be any
order taken for Newecastell Underlyne, that ye wolde be good lorde
to on master Johan Bothe, a servant of the kynges graces, the
whyche ys a grett bylder in theys partes, that he myghte for money
have the slate and schyngyll ther; for ther ys no other to be don with
the more parte of that howse, but save the lede and the slate, and
take the profete of the grownde. That master Bothe for yower sake
scheuyd me many plesures, and gave me venyson; wherefor I may
no lesse do but wryght to yower lordeschype.”[189] Fault was found
with William Cavendish, who had accompanied Legh to Brewood, for
having given higher “rewards and wages” than he had divulged.
These were probably intended as bribes, for while riding back from
Merivale in Warwickshire they learnt that the Abbot had not sold
some plate as he said he had done. They accordingly despatched a
messenger back to fetch it, and the Abbot sent it by way of bribe to
them “to be good masters unto him and his brethren.” Both
Cavendish and Legh confessed that the whole story was true.[190]
In 1541 the sum of £3 10s. was paid by warrant of the council to
sundry witnesses, including some of the servants of the late Priory of
St. Thomas’s, Stafford, for “coming up to the Court of Augmentations
to give evidence for the King against William Cavendish.”[191]
Archbishop Cranmer maintained his paltry petitions for his friends
right through the whole period. As long ago as 1535 he had begged
for the Priory of Worcester to be given to one of the monks of Burton.
[192] On December 14th, 1538, he wrote to Cromwell to accomplish
his suit for his servant the bearer, Francis Bassett, who had carried
the image of St. Modwen up to London, for the Monastery of
Croxden.[193] Among Cromwell’s notes there is “A remembrance to
speak to the King for Francis Bassett, servant to my lord of
Canterbury”: “The ferme of Musden Grawnge, appertaining to the
Abbey of Crocksden, within the county of Stafford, being of the
yearly value of 20 marks by the year.”[194]
After Burton Abbey was dissolved it was made into a collegiate
church, with Abbot Edie as Dean; he was soon succeeded by Dr.
Brocke. The Patent is dated July 27th, 1540. The Chapels of Shene,
Cauldon, and Okeover, were allotted to the new foundation, and the
possessions of the late Abbey were to be held of the Crown by a
yearly rent of £62 2s. 4d., in lieu of first-fruits and tenths, and
burdened with various pensions, stipends, and fees. A pretence was
made that one of the objects of the transformation was that some of
the wealth should go towards poor-relief and repair of roads. Some
of the monks remained as Canons or Prebendaries; there was a
Gospeller and an Epistoller, with five singing men, six choristers, two
deacons, a parish priest, a schoolmaster, and four bedesmen.
Among the “common servants” were a barber, parish clerk,
bridgemaster, laundress, “turnbroche” or turnspit and apparitor.
Robert Bradshawe, gent., was Porter of the Gate, and Nicholas
Burwey, gent., was under-steward and clerk of the courts. It does not
appear how much of the contents of the Abbey—vestments, plate,
etc.—was removed when the change was made in its constitution,
but a considerable amount remained at the final dissolution, which
took place in 1545, when the place was given to Sir William Paget.
Scudamore again did most of the work, associated now with Richard
Goodrich. They rode in comfort and by easy stages from London to
Burton, living sumptuously and extravagantly, and spent four days at
Burton in the performance of their task. Again the best of the goods
were not sold but carried up to London, wrapped in ten yards of
canvas and borne on a horse specially hired for the purpose at a
cost of £1 6s. 8d.[195]
From the inventories and surrenders, supplementing Valor
Ecclesiasticus, we are able to form some idea as to the mode of
living in the monasteries, and the standard of comfort which was
reached. Doubtless the obligation to perform manual work had in
most cases been forgotten, otherwise the large number of servants
and labourers cannot well be accounted for. At Dieulacres[196] there
were thirteen monks, six stewards and bailiffs (excluding “my lord of
Derby,” whose office was a sinecure), a forester, and eleven others
who had to be pensioned, besides thirty servants and “the launders
and pore bedewomen.” The last-named probably did the Abbey
washing. The “household” is a large one in comparison with the
number of monks, even when we take into account the sheep-runs
of the Abbey. Still more excessive is the staff of twenty-nine servants
at Stafford for the seven canons; for the Priory of St. Thomas,
though it had scattered possessions, employed in 1535 nine or ten
stewards and bailiffs. Their baker was a person of sufficient
importance to receive a pension of 10s. a year. The four nuns at
Brewood had eight servants, although their house and income were
alike small. They must have had an idle time, and when they were
ejected with small pensions of £3 6s. 8d. to the Prioress, and half
that amount to each of the three nuns, the change in their style of
living must have been very marked and painful.

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ABOUT THE AUTHORS

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BARBARA MARINAKIS BARBARA MARINAKIS

OXFORD UNIVERSITY PRESS

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helpful resources are outlined

1A Comparing simple and EXERCISE 1A Comparing simple and compound interest

UNDERSTANDING, FLUENCY AND COMMUNICATING

F IN AN CIAL MAT H EMAT ICS

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‘Working Mathematically’ syllabus

Student obook assess

Teacher obook assess

vi Oxford Insight Mathematics Standard 2 Year 12

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OXFORD UNIVERSITY PRESS

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ARE YOU READY?

OXFORD UNIVERSITY PRESS Chapter 1 Investments, depreciation and loans

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EXAMPLE 1A– 1 Calculating simple interest on investments

4 Oxford Insight Mathematics Standard 2 Year 12

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a $6000 at 5.8% p.a. over 3 years

2 Calculate the simple interest on the following investments.

EXAMPLE 1A– 2 Calculating the monthly repayment for simple interest

3 Calculate the total amount to be repaid on a simple interest loan of:

b total to be repaid = 14 300 + ____

OXFORD UNIVERSITY PRESS Chapter 1 Investments, depreciation and loans

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