1. An electric contractor has a job which should be completed in 100 days. At present, he has 80 men on the job and it is estimated that they will finish the work in 130 days. If the 80 men, 50 are paid 62 a day, 25 at 68 a day, and 5 at 75 a day and if for each day beyond the original 100 days, the contractor has to pay 250 per day liquidated damages:

a) how many more men should the contractor add so he can complete the work on time?

b) If the additional men, 5 are paid 68 a day, and the rest at 62 a day, would the contractor save money by employing more men and not paying the fine?

2. It was decided by the plant management that they must paint the plant. General paint costs 350 per gallon and covers 350 sq ft per gallon. The manufacturers claims that it will last 4 years and can be applied at a rate of 100 sq ft per hour.

Boysen pain costs 500 per gallon and covers 500 sq ft per gallon. It will last for 5 years and can be applied at a rate of 125 sq ft per hour. If the painter is paid 50.00 per hour, which should be used?

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1. Find the nominal interest rate, effective interest rate, and rate per compounding period given the following interest rates:

a. 12% compounded semi-annually

b. 4% compounded quarterly

c. 18% compounded monthly

d. 26% compounded weekly

2. What nominal interest rate is paid if compounding is annual and

a. Payments of 4,500 per year for six years will repay an original loan of 17,000?

b. Annual deposits of 1,000 will result in 25,000 at the end of 10 years?

3. A five-seven loan company offers money at 1% interest per week compounded weekly. What is the effective annual interest rate? What is the nominal interest rate? (Use 52 weeks = 1 year)

4. Jay borrowed 10,000 and was able to sign a promissory note that he would pay 20,327.90 after 4 years. How much is the nominal rate of interest and the corresponding effective rate if money is compounded bi-monthly?

5. Compare accumulated amounts after 5 years of 1,000 invested at the rate of 10% per year compounded: (a) annually, (b) semi-annually, (c) quarterly, and (d) monthly.

Hope you can help me