1. As part of your retirement planning, you purchase an annuity that pays 4.3% annual interest compounded quarterly

a. If you make quarterly payments of $2000 how much will you have saved in 5 years?

b. Instead, if you make quarterly payments of $1000, how much will you have saved in 10 years?

2. You plan to purchase a house for $310,000 and you will make a 20% down payment. You are evaluating two mortgages a 30-year fixed mortgage at 2.87% and a 15-year fixed mortgage at 2.25%. Your goal is to have a monthly payment that fits within your budget.

a. Which mortgage will give you the lowest monthly payment? What will that payment be? How much less will this be than the other monthly mortgage payment?

b. Assuming you take the full term of the mortgage, which mortgage will result in you paying the most interest? What will that interest be? How much more will this be than the interest on the other mortgage?

3. In 2017 the state University's men's basketball team finished the season ranked 34 out of 167 men's teams. The women' basketball team finished 23 out of 98 women's teams.

a. Which team had a higher percentile ranking in 2017? Show all your calculations to support your answer.

b. If you had the data on the total number of points scored by the state University women's team in each of their games in 2017, what would the mean and the median each tell you and how would you compute each measure?

4. A student-faculty government committee of 4 people is to be formed from 20 student volunteers and 5 faculty volunteers.

a. If one person from the group of volunteers is chosen at random to draw the names out of a hat, what is the probability that the person drawing the names is a student?

b. How many ways can the committee of four be formed if there are no restrictions on composition.

c. How many ways can two of the students be chosen?

d. How many ways can 2 faculty be chosen?

e. What is the probability that the random selection of the four-person committee will result in two students and two faculty?