Simple & Compound Interest Questions and Answers

Listed below are two solutions for a service issue Work out the costs for option 1 Use a 8 interest rate You need to work out the option for SIX years First Cost Maintenance Salvage Life O 17 111 32 587 O 44 209 49 894 Option 1 15 000 1200 yr 100 2 years Option 2 35 000 900yr 2000 6 years

A machine with a cost of 62 400 has an estimated residual value of 4 687 and an estimated life of 5 years or 15 857 hours What is the amount of depreciation for the second full year using the double declining balance method O a 14 976 00 O b 12 480 00 O c 23 085 20 O d 24 960 00

A machine costing 28 125 with a 5 year life and 1 700 residual value was purchased January 2 Compute depreciation for each of the 5 years using the double declining balance methoc Year Depreciation Year 1 Year 2 Year 3 Year 4 Year 5

1 Nathalie borrows C6500 lor a motorcycle The loan is for five years al 2 5 interest per annum Find how much Nathalie s monthly payments are

Wei invested SGD 3000 Singapore dollars in a bank that paid 2 35 interest per year compounded monthly Find how much Wel had in the bank after six years b Find the number of years before he had SGD 5000 in the bank

gine an omic debate among five presidential candidates At the time of the debate the government announces that the economy has entered a recession Assuming each candidate makes one statement about the economy can you tell whether he or she is a classical or a Keynesian economist Items 5 items Drag and drop into the appropriate area below I don t think there s a problem The economy recovers well on its own Categories Workers are unlikely to take pay cuts because of money illusion Rather than increasing government spending the government should do more to stimulate saving Classical Consumer confidence and spending are down The government needs to increase spending We can t wait for the economy to recover After all in the long run we are dead Keynesian

n 8 of 13 Macmillan Learning Use an inverse trigonometric function to give exact solutions of the equation sin x 0 65 Give your answer in the form of a comma separated list if needed Express numbers in exact form Use symbolic notation ar fractions where needed Use k to represent any integer X Use a calculator to get a decimal approximation of the obtained solutions Use decimal notation Round your answer to two decimal places Give your answer in the form of a comma separated list needed Use k to represent any integer

Ronald Roth started his new job as controller with Aerosystems today Carole the employee benefits clerk gave Ronald a packet that contains information on the company s health insurance options Aerosystems offers its employees the choice between a private insurance company plan Blue Cross Blue Shield an HMO and a PPO Ronald needs to review the packet and make a decision on which health care program fits his needs The following is an overview of that information a The monthly premium cost to Ronald for the Blue Cross Blue Shield plan will be 43 34 For all doctor office visits prescriptions and major medical charges Ronald will be responsible for 25 percent and the insurance company will cover 75 percent of covered charges The annual deductible is 550 b The HMO is provided to employees free of charge The copayment for doctors office visits and major medical charges is 20 Prescription copayments are 10 The HMO pays 100 percent after Ronald s copayment There is no annual deductible c The POS requires that the employee pay 25 46 per month to supplement the cost of the program with the company s payment If Ron uses health care providers within the plan he pays the copayments as described above for the HMO with no annual deductible He can also choose to use a health care provider out of the network and pay 25 percent of all charges after he pays a 550 deductible The POS will pay for 75 percent of those covered visits Ronald decided to review his medical bills from the previous year to see what costs he had incurred and to help him evaluate his choices He visited his general physician five times during the year at a cost of 110 for each visit He also spent 66 and 90 on two prescriptions during the year Assume Ron visited a physician outside of the network plan but had his prescriptions filled at a network approved pharmacy If Ronald selects the POS plan what will his annual medical costs be Do not round intermediate calculations Round your answer to 2 decimal places C Personal annual cost

Mrs Imperiale s credit card has an APR of 13 2 She does not ever pay her balance off in full so she always pays a finance charge Her next billing cycle starts today The billing period is 31 days long She is planning to purchase 7 400 worth of new kitchen cabinets this billing cycle She will use her tax refund to pay off her entire bill next month If she purchases the kitchen cabinets on the last day of the billing cycle instead of the first day how much would she save in finance charges Round to the nearest ten dollars

Elliot Chambers invests 30 000 in a 1 year CD that earns interest at an annual rate of 3 75 compounded monthly a What is the amount of the CD at maturity b What is the interest earned

Brandon s retirement fund has an accumulated amount of 50 000 If it has been earning interest at 3 12 compounded monthly for the past 17 years calculate the size of the equal payments that he deposited at the beginning of every 3 months

Lisa deposits 50 000 into an account that pays 4 interest per year compounded annually Scott deposits 50 000 into an account that also pays 4 per year But it is simple interest Find the interest Lisa and Scott earn during each of the first three years Then decide who earns more interest for each year Assume there are no withdrawals and no additional deposits Year First Second Third Interest Lisa earns Interest compounded annually 0 0 Interest Scott earns Simple interest 0 0 0 Who earns more interest Lisa earns more O Scott earns more They earn the same amount O Lisa earns more Scott earns more They earn the same amount Lisa earns more Scott earns more They earn the same amount

Using Amdahl s Law what is the the speedup for an application that is 75 percent parallel with two processing cores

A golfer is practising at a particular hole The table shows how he scored score freq 2 3 4 5 6 83 25 One of the frequencies is missing but the total score for the practice was 93 Find the mode score 2

The accompanying table lists the ages and the time to complete a 5K road race for a sample of six runners Determine the linear correlation coefficient for the data and also determine whether it is possible to be 95 or 99 confident that there is significant linear correlation between the two variables Click the icon to view the table of critical values for the linear correlation coefficient Identify the problem solving method to be used Choose the correct answer below OA Draw Pictures OB The Three Way Principle OC Look for Patterns D Be Systematic The linear correlation coefficient between the two variables is r Round to two decimal places as needed Age 21 58 22 38 48 32 Time to Complete 5K in minutes 26 36 28 44 21 20 Table of critical values for the linear correlation coefficient n 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 a 05 01 950 999 878 959 811 917 754 875 707 834 666 798 632 765 602 735 708 684 661 641 623 606 590 1 576 553 532 514 497 482 468

ces At the beginning of the year Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates overhead costs 2 254 000 and direct labor costs 490 000 At year end the company s actual overhead costs for the year are 2 243 900 and actual direct labor costs for the year are 490 000 1 Determine the predetermined overhead rate using estimated direct labor costs 2 Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate Determine whether overhead is over or underapplied and the amount for the year 3 Prepare the entry to close any over or underapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate Determine whether overhead is over or underapplied and the amount for the year Factory Overhead 0 0

A table that shows the breakdown of the principal payments interest paid and the unpaid loan balances over certain timeframe

Bank reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co for August 20Y6 1 Cash balance according to the company s records at August 31 14 600 2 Cash balance according to the bank statement at August 31 15 480 3 Checks outstanding 2 960 4 Deposit in transit pot recorded by bank 2 380 5 A check for 480 in payment of an account was erroneously recorded in the check register as 840 6 Bank debit memo for service charges 60 a Prepare a bank reconciliation using the format shown in Exhibit 13 Creative Design Co Bank Reconciliation August 31 2016 Line Item Description Cash balance according to bank statement Add Deposit in transit on August 31 Deduct Outstanding checks Adjusted balance Cash balance according to company s records Add Error in recording check Deduct Bank service charge Adjusted balance Feedback Check My Work 100000000 Amount b If the balance sheet were prepared for Creative Design Co on August 31 what amount should be reported for cash

2 A car was purchased for 16 700 Assume that it depreciates in value by 5 4 per year a 4 pts Find a function V that models the value of the car after t years h 4 pts Use the function to estimate the value after 3 years and 7 years

Entry for cash sales cash over The actual cash received from cash sales was 10 428 and the amount indicated by the cash register total was 10 402 Journalize the entry to record the cash receipts and cash sales If an amount box does not require an entry leave it blank E Cash Sales

3 6 pts If 5 000 is invested at an interest rate of 2 3 per year compounded monthly find the value of the investment at the end of the given number of years Round your answers to the nearest cent a 2 years b 3 years c 6 years

EAFM2 F 2 032 ank advertises a nominal rate of 6 41 compounded semiannually A second bank advertises a nominal rate of 6 37 compounded daily What are the effective yields Round your ans two decimal places first bank 0 07 second bank 6 54 X X In which bank would you deposit your money O first bank Osecond bank Oddill MY NOTES ASK YOUR TEACHER PRACTICE A

1 point Given L 200 ft equal tangent parabolic curve with 81 1 25 82 1 25 VPI station 146 00 and VPI elevation 1 895 00 ft Compute rate of change r 1 25 2 5 1 25 10 2 5

1 point J a Compute the station elevation of the EVC of an 800 ft equal tangent parabolic curve where a 2 50 grade meets a 1 75 grade at a station of 44 25 and elevation 368 96 ft 358 96 368 96 362 96 362 00

1 point a Compute the rate of change of an 800 ft equal tangent parabolic curve where a 2 50 grade meets a 1 75 grade at a station of 44 25 and elevation 368 96 ft 0 53 1 45 1 45 0 53

Sean Lee purchases 20 000 worth of supplies for his restaurant by making a 3 000 down payment and amortizing the remaining cost with quarterly payments over the next 4 years The interest rate on the debt is 16 compounded quarterly what is the size of each payment what is the total amount paid for the purchase what is the total interest paid over the life of the loan

Use the intermediate value theorem to determine wh has a zero in the given interval f x 7x 6x 7x 8 2 1 a f 2 4 Listen A Simplify your answer b f 1 A plify your answer ding to the int

1 point Find all vectors in 2 dimensions having 13 where the component of vis 57 vectors 0 If you find more than one vector enter them in a comma separated list

Given Irish Red sales and cost data from the last question assume that Shannon s estimates that the sales of the new Irish Stout will be about 250 pints per month but 24 of these sales will be cannibalized from sales of Shannon s Irish Red Compute the total combined increase or decrease incremental change in contribution dollars for both Irish Red and Irish Stout expected with cannibalization Express your answer to the nearest dollar Do not include the dollar sign

For the real valued functions f x notation fog x Domain of fog x 6 and g x 4x 9 find the composition fog and specify its domain using interv x 3 3 09 010 0 0 0 0 OVO 0 0 0 0

Suppose that 10 671 is invested at an interest rate of 6 2 per year compounded continuously a Find the exponential function that describes the amount in the account after time t in years b What is the balance after 1 year 2 years 5 years 10 years c What is the doubling time a The exponential growth function is P t Type exponential notation with positive exponents Do not simplify Use integers or decimals for any numbers in the equati

Interest is compounded semianually Find the amount in the account after the given time Principal Rate of Interest Time 1000 3 3 years The amount in the account is Round to the nearest cent

Use the compound interest formula to find the account balance A where P is principal r is interest rate n is number of compounding periods per year t is time in years and account balance P T compounded 1 1 59 473 22 Quarterly 82 t The account balance is approximately Simplify your answer Type an integer or decimal rounded to two decimal places as needed

A couple wishes to borrow money using the equity in their home for collateral A loan company will loan them up to 70 of their equity They puchased their home 10 years ago for 65 757 The home was financed by paying 20 down and signing a 15 year mortgage at 8 1 on the unpaid balance Equal monthly payments were made to amortize the loan over the 15 year period The net market value of the house is now 100 000 After making their 120th payment they applied to the loan company for the maximum loan How much to the nearest dollar will they receive

Use the table to find the monthly payments on the given loan Amount Time 5 000 20 years Click the icon to view a table of monthly payments on a 1 000 loan Rate 4 The monthly payments for this loan are S Type an integer or a decimal

heck my work mode This shows what is correct or incorrect for the work you have completed so far It da For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Current Year Numerator 454 450 230 950 11 200 9 450 Net sales 745 000 Earnings per share For both the Current Year and 1 Year Ago compute the following ratios 2 Compute total asset turnover for the current year and one year ago 706 050 38 950 2 40 Total Asset Turnover 403 200 151 200 13 000 8 700 X Answer complete but not entirely correct Denominator Average total assets 1 Year Ago A 630 000 576 100 53 900 3 33 Total Asset Turnover Total asset turnover

e following information for the past year for the Magic Corporation has been provided xed costs anufacturing Marketing Administrative Variable costs Manufacturing Marketing Administrative OA 6 26 During the year the company produced and sold 50 000 units of product at a selling price of 14 91 per unit There was no beginning inventory c product at the beginning of the year O B 115 OC 3 46 O D 100 000 19 000 21 000 12 11 113 000 23 000 37 000

Use the TVM solver for compounding more than once a year to determine the accumulated balance after the stated period 6000 deposit at an APR of 3 with daily compounding for 7 years Round your answer to the nearest dollar

Your insurance company has a policy to insure personal property Assume you have a laptop computer worth 1 600 and there is a 1 chance that the laptop will be lost or stolen during the next year What would be a fair premium for the insurance We are assuming that the insurance company earns no profit A fair premium for the insurance would be

K An experiment and two events are given Determine if the events are independent or dependent Experiment Two dice one red one green are rolled Event A The total is greater than nine Event B The green die shows six The two events A and B are dependent independent

K Assume that 2 cards are drawn from a standard 52 card deck Find the following probabilities a Assume the cards are drawn without replacement Find the probability of drawing 2 spades b Assume the cards are drawn with replacement Find the probability of drawing 2 spades a The probability of drawing 2 spades without replacement is Simplify your answer b The probability of drawing 2 spades with replacement is Simplify your answer STE

This question 1 point s possible A fish pond at a carnival contains 90 angelfish 88 cory cats 137 tetras and 135 goldfish If Marcelo picks a fish at random from the pond what is the probability that it is a angelfish The probability is Simplify your answer test

Consider the following loan purchase a refrigerator for 1 500 at 13 add on interest for 3 years Give the formula used to approximate the annual percentage rate or APR for an add on loan where r is the annual interest rate as a decimal and N is the number of monthly payments APR Determine the following values for this loan r 0 13 N Find the APR rounded to the nearest tenth of a percent for the loan

The number 44 is 22 of what number The number 44 is 22 of Simplify your answer Type an integer or a decimal

3 A university wants to compare out of state applicants mean SAT math scores 1 to in state applicants mean SAT math scores 2 The university looks at 35 in state applicants and 35 out of state applicants The mean SAT math score for in state applicants was 540 with a standard deviation of 20 The mean SAT math score for out of state applicants was 555 with a standard deviation of 25 It is reasonable to assume the corresponding population standard deviations are equal Calculate a 95 confidence interval for the difference 1 12 1 56 Multiple Choice O 33 6105 3 6105 25 7961 4 2039 25 8124 4 1876 25 6067 4 3933

42 16 The student senate at a local university is about to hold elections A representative from the women s sports program and a representative from the men s sports program must both be elected Two candidates an incumbent and a challenger are vying for each position and early polling results are presented next A hypothesis test must be performed to determine whether the percentages of supporting votes are different between the two incumbent candidates In a sample of 100 voters 67 said that they would vote for the women s incumbent candidate In a separate sample of 100 voters 55 said they would vote for the men s incumbent candidate Let p1 and p2 be the proportions of supporting votes for the incumbent candidates representing women s and men s sports programs respectively Which of the following is the correct conclusion for the test at a 0 05 Multiple Choice Reject Ho P1 P2 and therefore do not conclude that the proportions differ Do not reject Ho P1 P2 and therefore do not conclude that the proportions differ Do not reject Ho P1 P2 and therefore conclude that the proportions differ Reject Ho P1 P2 and therefore conclude that the proportions differ

A statistics professor works tirelessly to catch students cheating on his exams He has particular routes for his teaching assistants to patrol an elevated chair to ensure an unobstructed view of all students and even a video recording of the exam in case additional evidence needs to be collected He estimates that he catches 95 of students who cheat in his class but 1 of the time that he accuses a student of cheating he is actually incorrect Consider the null hypothesis the student is not cheating What is the probability of a Type I error Multiple Choice 5 99

A professional sports organization is going to implement a test for steroids The test gives a positive reaction in 94 of the people who have taken the steroid However it erroneously gives a positive reaction in 4 of the people who have not taken the steroid What is the probability of Type I and Type II errors giving the null hypothesis the individual has not taken steroids Multiple Choice O O Type 1 94 Type II 4 Type 1 4 Type II 6 Type 1 6 Type II 4 Type I 4 Type II 94

A recent report claimed that Americans are retiring later in life U S News World Report August 17 An economist wishes to determine if the mean retirement age has increased from 62 To conduct the relevant test she takes a random sample of 38 Americans who have recently retired and computes the value of the test statistic as t37 1 92 With a 0 05 she Multiple Choice does not reject the null hypothesis and does not conclude that the mean retirement age has increased rejects the null hypothesis and concludes that the mean retirement age has not increased Orejects the null hypothesis and concludes that the mean retirement age has increased does not reject the null hypothesis and does not conclude that the mean retirement age has changed

Based on Exhibit 7 7 what would be the monthly mortgage payments for each of the following situations Round your answers to 2 decimal places a A 162 500 15 year loan at 7 5 percent b A 217 500 30 year loan at 7 5 percent c A 195 000 20 year loan at 7 5 percent 1 571 70 Term Rate 3 0 3 5 4 0 4 5 5 0 5 5 6 0 6 5 7 0 30 Years 4 22 4 49 4 77 5 07 5 37 5 68 6 00 6 32 6 65 25 Years 4 74 5 01 5 28 5 56 5 85 6 14 6 44 6 75 7 07 20 Years 5 55 5 80 6 06 6 33 6 60 6 88 7 16 7 46 7 75 15 Years 6 91 7 15 7 40 7 65 7 91 8 17 8 44 8 71 8 99