MATH CONTEMPORARY MATH FINAL REVIEW 1 L F Thomas - Instructor

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Vernon Banks
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1 MTH CONTEMPORRY MTH FINL REVIEW 1 L F Thomas - Istucto The picipal P is boowed at simple ieest ate fo a peiod of time t. Fid the simple ieest owed fo the use of the moey. ssume 360 days i a yea ad oud aswe to the eaest ce. 1) $140 = 4% t = 3 yeas The picipal P is boowed at simple ieest ate fo a peiod of time t. Fid the loa's futue value,, o the total amou due at time t. Roud aswe to the eaest ce. 2) $3000, = 7%, t = 1 yea The picipal P is boowed ad the loa's futue value,, at time t is give. Detemie the loa's simple ieest ate,, to the eaest teh of a pece. 3) $3000, = $3270, t = 1 yea Detemie the pese value, P, you must ivest to have the futue value,, at simple ieest ate afte time t. Roud aswe to the eaest dolla. 4) = $5500, = 10%, t = 1 yea Solve the poblem. 5) Loie eeds exta moey to buy a tuck to stat up a delivey sevice. He takes out a simple ieest loa fo $ fo 7 mohs at a ate of 7.25%. How much ieest must he pay, ad what is the futue value of the loa? The picipal epeses a amou of moey deposited i a savigs accou subject to compoud ieest at the give ate. Fid how much moey will be i the accou afte the give umbe of yeas (ssume 360 days i a yea.), ad how much ieest was eaed. = P = Pe t Y = 6) Picipal: $8000 Rate: 4% Compouded: semiaually Time: 5 yeas Solve the poblem. 7) mothe ivests $9000 i a bak accou at the time of he daughte's bith. The ieest is compouded quately at a ate of 7%. What will be the value of the daughte's accou o he tweieth bithday, assumig o othe deposits o withdawals ae made duig this peiod? 1

2 Solve the poblem. = P = Pe t Y = 8) How much moey should be deposited today i a accou that eas 6% compouded semiaually so that it will accumulate to $9000 i 2 yeas? Solve the poblem. Roud to the eaest teh of a pece. = P = Pe t Y = 9) passbook savigs accou has a ate of 6%. Fid the effective aual yield if the ieest is compouded mohly. Detemie the effective aual yield fo each ivestme. The select the bette ivestme. ssume 360 days i a yea. Roud to the eaest hudedth of a pece whe ecessay. = P = Pe t Y = 10) 7% compouded mohly; 7.25% compouded aually Fid the value of the auity ad the ieest. Roud to the eaest dolla. = P[(1 + )t ] = P 11) Peiodic Deposit: $1000 at the ed of each yea Rate: 6.5% compouded aually Time: 13 yeas Detemie the peiodic deposit. Roud up to the eaest dolla. How much of the fiacial goal comes fom deposits ad how much comes fom ieest? = P[(1 + )t ] = P 12) Peiodic Deposit: $? at the ed of each yea Rate: 8% compouded aually Time: 12 yeas Fiacial Goal: $82,000 2

3 Solve the poblem. Roud up to the eaest dolla. 13) You would like to have $52,000 i 5 yeas fo the dow payme o a ew house followig college gaduatio by makig deposits at the ed of evey thee mohs i a auity that pays 4.25% compouded quately. How much should you deposit at the ed of evey thee mohs? How much of the $52,000 comes fom deposits ad how much comes fom ieest? P Use PMT = to detemie the egula payme amou, ouded to the eaest dolla. 14) The pice of a home is $250,000. The bak equies a 15% dow payme ad two pois at the time of closig. The cost of the home is fiaced with a 20-yea fixed-ate motgage at 6.5%. a. Fid the equied dow payme. b. Fid the amou of the motgage. c. How much must be paid fo the two pois at closig? d. Fid the total cost of ieest ove 20 yeas, to the eaest dolla. Solve the poblem by applyig the Fudameal Couig Piciple with two goups of items. 15) I how may ways ca a gil choose a two-piece outfit fom 5 blouses ad 7 skits? 16) How may diffee fou-lette secet codes ca be fomed if the fist lette must be a S o a T? Use the Fudameal Couig Piciple to solve the poblem. 17) Thee ae 9 pefomes who ae to pese thei acts at a vaiety show. How may diffee ways ae thee to schedule thei appeaaces? Evaluate the factoial expessio. 8! 18) (8-5)! Use the fomula fo P to evaluate the expessio. 19) 9 P 3 Use the fomula fo P to solve. 20) club elects a peside, vice-peside, ad secetay-teasue. How may sets of offices ae possible if thee ae 9 membes ad ay membe ca be elected to each positio? No peso ca hold moe tha oe office. I the followig execises, does the poblem ivolve pemutatios o combiatios? Explai you aswe. It is ot ecessay to solve the poblem. 21) Oe huded people puchase lottey tickets. Thee wiig tickets will be selected at adom. If fist pize is $100, secod pize is $50, ad thid pize is $25, i how may diffee ways ca the pizes be awaded? Use the fomula fo C to evaluate the expessio. 22) 10 C 4 3

4 Solve the poblem. 23) Fom 9 ames o a ballot, a committee of 3 will be elected to atted a political atioal coveio. How may diffee committees ae possible? Use the empiical pobability fomula to solve the execise. Expess the aswe as a factio. The expess the pobability as a decimal, ouded to the eaest thousadth, if ecessay. 24) I 1999 the stock maket took big swigs up ad dow. suvey of 979 adult ivestos asked how ofte they tacked thei potfolio. The table shows the ivesto esposes. What is the pobability that a adult ivesto tacks his o he potfolio daily? How fequely? Respose Daily 227 Weekly 281 Mohly 282 Couple times a yea 135 Do't tack 54 You ae dealt oe cad fom a 52-cad deck. Fid the pobability that you ae ot dealt: 25) a diamod. Solve the poblem. 26) The goveme of a tow eeds to detemie if the city's esides will suppot the costuctio of a ew tow hall. The goveme decides to coduct a suvey of a sample of the city's esides. Which oe of the followig pocedues would be most appopiate fo obtaiig a sample of the tow's esides? ) Suvey the fist 400 people listed i the tow's telephoe diectoy. B) Suvey a adom sample of employees at the old city hall. C) Suvey a adom sample of pesos withi each geogaphic egio of the city. D) Suvey evey 12th peso who walks io city hall o a give day. 27) The stem-ad-leaf plot below displays the ages of 30 attoeys at a small law fim. Stems ttoeys What is the age of the oldest attoey? What is the age of the yougest attoey? 4

5 28) Which oe of the followig is tue accodig to the gaph? ) The gaph is based o a sample of appoximately 62 thousad people. B) If the sample is tuly epeseative, the fo a goup of 50 people, we ca expect about 32 of them to have oe yea of educatio beyod high school. C) The pece of people with yeas of highe educatio geate tha those show by ay ectagula ba is equal to the pece of people with yeas of educatio less tha those show by that ba. D) Moe people had 4 yeas of educatio beyod high school tha 3 yeas. 29) The fequecy polygo below shows a distibutio of test scoes. Which oe of the followig is tue based o the gaph? ) The gaph is based o a sample of appoximately 15 thousad people. B) Moe people had a scoe of 75 tha ay othe, ad as the deviatio fom 75 iceases o deceases, the scoes fall off i a symmetical mae. C) Moe people had a scoe of 77 tha a scoe of 73. D) The pece of scoes above ay give scoe is equal to the pece of scoes below that scoe. 5

6 Fid the mea fo the goup of data items. Roud to the eaest hudedth, if ecessay. 30) 24, 24, 84, 89, 38, 24 Fid the mea fo the data items i the give fequecy distibutio. Roud to the eaest hudedth, if ecessay. 31) Scoe Fequecy x f Fid the media fo the goup of data items. 32) 95, 95, 90, 42, 71, 95 Fid the mode fo the goup of data items.if thee is o mode, so state. 33) 1.4, 2.2, 1.6, 2.7, 1.4, 2.2, 1.4, 8.2, 8.2, ) 1.3, 2.4, 1.6, 2.9, 1.3, 2.4, 1.3, 9.1, 9.1, 1.9 Fid the midage fo the goup of data items. 35) 100, 100, 94, 42, 75, 100 Fo the give data set, fid the a. mea b. media c. mode (o state that thee is o mode) d. midage. 36) compay advetised that, o the aveage, 96% of thei customes epoted "vey high satisfactio" with thei sevices. The actual peceages epoted i 15 samples wee the followig: 96, 96, 92, 35, 74, 96, 92, 74, 96, 96, 35, 92, 92, 96, 35 a. Fid the mea, media, mode ad midage. b. Which measue of ceal tedecy was give i the advetiseme? c. Which measue of ceal tedecy is the best idicato of the "aveage" i this situatio? 6

7 swe Key Testame: REVIEW 3 1) $ ) $3210 3) 9% 4) $5000 5) ieest: $ ; futue value: $ ) amou i accou: $ ; ieest eaed: $ ) $36, ) $ ) 6.2% 10) 7.23%; 7.25%; 7.25% compouded aually 11) $19,500; $ ) $4321; $51,852 fom deposits ad $30,148 fom ieest 13) $2347; $46,940 fom deposits ad $5060 fom ieest 14) a. dow payme: $37,500 b. amou of motgage: $212,500 c. pois paid at closig: $4250 d. total cost of ieest ove 20 yeas: $167,742 15) 35 16) 35,152 17) 362,880 18) ) ) ) Pemutatios, because the ode of the pizes awaded mattes. 22) ) 84 24) ; ) ) C 27) The oldest attoey is 72 yeas old. The yougest attoey is 29 yeas old. 28) D 29) B 30) ) ) ) ) ) 71 36) a. mea = 79.8, media = 92, mode = 96, midage = 65.5 b. mode c. mea 7

MGF 1107 Miami Dade College MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

Review Persoal Fiace Name MGF 1107 Miami Dade College MULTIPLE CHOICE. Choose the oe alterative that best completes the stateme or aswers the questio. 1) What umber is 32% of 48? 1) A) 1536 B) 153.6 C)