1. Calculate the amount of simple interest earned. $6,000 at 6% for 8 years $57,6 00 b $360 a . . c . $48,0 00 d $2,88 . 0 e $28,8 . 00 6.25 points Question 2 1. Find the present value, using the present value formula and a calculator. Achieve $1,000 in three years at 8.5% simple interest. a $745.00 . b $1,342. . 28 c $796.81 . d $255.00 . e $490.00 . 6.25 points Question 3 1. If $12,000 is invested at 7% for 9 years, find the future value if the interest is compounded daily. $22,529. 97 b $22,527. . 19 c $22,518. . 92 d $22,530. . 50 e $22,506. . 56 a . 6.25 points Question 4 1. Find the cost of a CD in 10 years, assuming an inflation rate of 6%, if its present cost is $11.95. a . $21.7 7 b $21.0 . 3 c $33.7 . 2 d $23.9 . 5 e $19.1 . 2 6.25 points Question 5 1. Calculate the time necessary to achieve the investment goal. Give your answer to the nearest day. Use a 365-day year. $2,000 at 9% simple interest; deposit $1,600 a . 2 year days b 2 year . days c 2 year . days d 2 year . days e 2 year . days 287 81 293 291 284 6.25 points Question 6 1. Find the effective yield for the investment. Round to the nearest hundredth of a percent. 6%, compounded semiannually a . 6.09 % b 6.17 . % 6.37 % d 6.14 . % e 6.18 . % c . 6.25 points Question 7 1. Use estimation to select the best response. Do not calculate. If I pay off my credit card balance each month, the most important cost factor is __________. the grace period b the APR a . . c . the annual fee 6.25 points Question 8 1. Use estimation to select the best response. Do not calculate. A reasonable APR to pay for a 3-year automobile loan is a 40% . b $2,00 . c . 0 6% 6.25 points Question 9 1. Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is depleted, and they will need to borrow money in order to buy a new one. Sears offers them an installment loan at 16% (add-on rate). If the refrigerator at Sears costs $1,540 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 3 years, what is the monthly payment? $59.8 3 b $49.9 . 6 a . $73.1 2 d $66.4 . 8 e $63.3 . 1 c . 6.25 points Question 10 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 3, 4, 5, 6, ... a None and a 5 = 50 . b Fibonacci and a 5 = . 11 c Arithmetic . and a 5 = 7 d Geometric . and a 5 = 7 e Geometric . and a 5 = 15 6.25 points Question 11 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 2, 10, 50, 250, ... Geometric and a 5 = 500 b Fibonacci and a 5 = . 300 c Arithmetic and a 5 = . 255 d Geometric and a 5 = . 1,250 e None and a 5 = 90 a . . 6.25 points Question 12 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 2, 7, 9, 16, ... Geometric and a 5 = 112 b Fibonacci and a 5 = . 25 c Arithmetic and a 5 = . 18 d None and a 5 = 93 a . . e . Arithmetic and a 5 = 23 6.25 points Question 13 1. Find the first three terms of the sequence whose nth term is given. a . b . c . d . e . 6.25 points Question 14 1. Find the 12th term of the sequence. a . b . c . d . e . 6.25 points Question 15 1. Evaluate the expression. a 28 . b2 . c 12 . 7 d 14 . e . 0 25 6.25 points Question 16 1. The game of pool uses 15 balls numbered from 1 to 15 (see the figure below). In the game of rotation, a player attempts to "sink" a ball in a pocket of the table and receives the number of points on the ball. Suppose we consider a game of "super pool", which has 15 consecutively numbered balls on the table. How many points would a player receive to "run the table"? a . 10 5 b 12 . 0 c 15 . d 13 . e . 6 27 2 1. Calculate the amount of simple interest earned. $6,000 at 11% for 6 years $3,96 0 b $660 a . . c . $79,2 00 d $39,6 . 00 e $36,0 . 00 6.3 points Question 2 1. Find the present value, using the present value formula and a calculator. Achieve $1,000 in five years at 8% simple interest. a $400.00 . b $600.00 . c $200.00 . d $1,666. . e . 67 $714.29 6.3 points Question 3 1. If $7,000 is invested at 6.5% for 3 years, find the future value if the interest is compounded daily. $8,504. 49 b $8,505. . 83 c $8,506. . 73 d $8,507. . 09 a . e . $8,507. 03 6.3 points Question 4 1. Find the cost of a CD in 6 years, assuming an inflation rate of 4%, if its present cost is $9.95. a . $12.6 5 b $12.3 . 4 c $13.9 . 1 d $13.5 . 7 e $22.6 . 0 6.3 points Question 5 1. Calculate the time necessary to achieve the investment goal. Give your answer to the nearest day. Use a 365-day year. $1,000 at 5% simple interest; deposit $900 a . 2 year days b 2 year . days c 2 year . days d 2 year . days e 2 year . days 96 88 284 85 81 6.3 points Question 6 1. Find the effective yield for the investment. Round to the nearest hundredth of a percent. 7%, compounded daily a . 7.19 % b 7.23 . % 7.51 % d 7.25 . % e 7.12 . % c . 6.3 points Question 7 1. Use estimation to select the best response. Do not calculate. If you purchase a $2,400 item and pay for it with monthly installments for 2 years, the monthly payment is __________. a more . than $100 per month b less than $100 per . month c $100 per month . 6.3 points Question 8 1. Use estimation to select the best response. Do not calculate. A reasonable APR to pay for a 3-year automobile loan is a 6% . b $2,00 . c . 0 40% 6.3 points Question 9 1. Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is depleted, and they will need to borrow money in order to buy a new one. Sears offers them an installment loan at 10% (add-on rate). If the refrigerator at Sears costs $1,550 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 5 years, what is the monthly payment? a . $44.7 6 b $36.6 . 2 $40.6 9 d $28.5 . 5 e $38.7 . 5 c . 6.3 points Question 10 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 3, 7, 11, 15, ... a . Geometric and a 5 = 19 b Geometric . and a 5 = 15 c None and a 5 = 54 . d Fibonacci . e . and a 5 = 26 Arithmetic and a 5 = 19 6.3 points Question 11 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 4, 12, 36, 108, ... a . Fibonacci and a 5 = 144 b Arithmetic and a 5 = . 111 c Geometric and a 5 = . 324 d None and a 5 = 96 . e . Geometric and a 5 = 432 6.3 points Question 12 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 1, 6, 7, 13, ... a . Arithmetic and a 5 = 14 b Fibonacci and a 5 = . 20 c None and a 5 = 91 . d Arithmetic . e . and a 5 = 19 Geometric and a 5 = 78 6.3 points Question 13 1. Find the first three terms of the sequence whose nth term is given. a . b . c . d . e . 6.3 points Question 14 1. 2. Find the 16th term of the sequence. a . b . c . d . e . 6.3 points Question 15 1. Evaluate the expression. a 28 . b 12 . 7 c2 . d 14 . e . 0 25 6.3 points Question 16 1. The game of pool uses 15 balls numbered from 1 to 15 (see the figure below). In the game of rotation, a player attempts to "sink" a ball in a pocket of the table and receives the number of points on the ball. Suppose we consider a game of "super pool", which has 24 consecutively numbered balls on the table. How many points would a player receive to "run the table"? a 300 . b 276 . c 24 . d 650 . e 325 . b) Find the future value : $475 at 3.25% compounded daily for 5 years c) Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is depleted, and they will need to borrow money in order to buy a new one. Sears offers them an installment loan at 16 % ( add-on rate). If the refrigerator at Sears costs $1,540 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 3 years, what is the monthly payment? \f1. Calculate the amount of simple interest earned. $6,000 at 6% for 8 years $57,6 00 b $360 a . . c . $48,0 00 d $2,88 . 0 e $28,8 . 00 6.25 points Question 2 1. Find the present value, using the present value formula and a calculator. Achieve $1,000 in three years at 8.5% simple interest. a $745.00 . b $1,342. . 28 c $796.81 . d $255.00 . e $490.00 . 6.25 points Question 3 1. If $12,000 is invested at 7% for 9 years, find the future value if the interest is compounded daily. $22,529. 97 b $22,527. . 19 c $22,518. . 92 d $22,530. . 50 e $22,506. . 56 a . 6.25 points Question 4 1. Find the cost of a CD in 10 years, assuming an inflation rate of 6%, if its present cost is $11.95. a . $21.7 7 b $21.0 . 3 c $33.7 . 2 d $23.9 . 5 e $19.1 . 2 6.25 points Question 5 1. Calculate the time necessary to achieve the investment goal. Give your answer to the nearest day. Use a 365-day year. $2,000 at 9% simple interest; deposit $1,600 a . 2 year days b 2 year . days c 2 year . days d 2 year . days e 2 year . days 287 81 293 291 284 6.25 points Question 6 1. Find the effective yield for the investment. Round to the nearest hundredth of a percent. 6%, compounded semiannually a . 6.09 % b 6.17 . % 6.37 % d 6.14 . % e 6.18 . % c . 6.25 points Question 7 1. Use estimation to select the best response. Do not calculate. If I pay off my credit card balance each month, the most important cost factor is __________. the grace period b the APR a . . c . the annual fee 6.25 points Question 8 1. Use estimation to select the best response. Do not calculate. A reasonable APR to pay for a 3-year automobile loan is a 40% . b $2,00 . c . 0 6% 6.25 points Question 9 1. Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is depleted, and they will need to borrow money in order to buy a new one. Sears offers them an installment loan at 16% (add-on rate). If the refrigerator at Sears costs $1,540 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 3 years, what is the monthly payment? $59.8 3 b $49.9 . 6 a . $73.1 2 d $66.4 . 8 e $63.3 . 1 c . 6.25 points Question 10 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 3, 4, 5, 6, ... a None and a 5 = 50 . b Fibonacci and a 5 = . 11 c Arithmetic . and a 5 = 7 d Geometric . and a 5 = 7 e Geometric . and a 5 = 15 6.25 points Question 11 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 2, 10, 50, 250, ... Geometric and a 5 = 500 b Fibonacci and a 5 = . 300 c Arithmetic and a 5 = . 255 d Geometric and a 5 = . 1,250 e None and a 5 = 90 a . . 6.25 points Question 12 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 2, 7, 9, 16, ... Geometric and a 5 = 112 b Fibonacci and a 5 = . 25 c Arithmetic and a 5 = . 18 d None and a 5 = 93 a . . e . Arithmetic and a 5 = 23 6.25 points Question 13 1. Find the first three terms of the sequence whose nth term is given. a . b . c . d . e . 6.25 points Question 14 1. Find the 12th term of the sequence. a . b . c . d . e . 6.25 points Question 15 1. Evaluate the expression. a 28 . b2 . c 12 . 7 d 14 . e . 0 25 6.25 points Question 16 1. The game of pool uses 15 balls numbered from 1 to 15 (see the figure below). In the game of rotation, a player attempts to "sink" a ball in a pocket of the table and receives the number of points on the ball. Suppose we consider a game of "super pool", which has 15 consecutively numbered balls on the table. How many points would a player receive to "run the table"? a . 10 5 b 12 . 0 c 15 . d 13 . e . 6 27 2 1. Calculate the amount of simple interest earned. $6,000 at 11% for 6 years $3,96 0 b $660 a . . c . $79,2 00 d $39,6 . 00 e $36,0 . 00 6.3 points Question 2 1. Find the present value, using the present value formula and a calculator. Achieve $1,000 in five years at 8% simple interest. a $400.00 . b $600.00 . c $200.00 . d $1,666. . e . 67 $714.29 6.3 points Question 3 1. If $7,000 is invested at 6.5% for 3 years, find the future value if the interest is compounded daily. $8,504. 49 b $8,505. . 83 c $8,506. . 73 d $8,507. . 09 a . e . $8,507. 03 6.3 points Question 4 1. Find the cost of a CD in 6 years, assuming an inflation rate of 4%, if its present cost is $9.95. a . $12.6 5 b $12.3 . 4 c $13.9 . 1 d $13.5 . 7 e $22.6 . 0 6.3 points Question 5 1. Calculate the time necessary to achieve the investment goal. Give your answer to the nearest day. Use a 365-day year. $1,000 at 5% simple interest; deposit $900 a . 2 year days b 2 year . days c 2 year . days d 2 year . days e 2 year . days 96 88 284 85 81 6.3 points Question 6 1. Find the effective yield for the investment. Round to the nearest hundredth of a percent. 7%, compounded daily a . 7.19 % b 7.23 . % 7.51 % d 7.25 . % e 7.12 . % c . 6.3 points Question 7 1. Use estimation to select the best response. Do not calculate. If you purchase a $2,400 item and pay for it with monthly installments for 2 years, the monthly payment is __________. a more . than $100 per month b less than $100 per . month c $100 per month . 6.3 points Question 8 1. Use estimation to select the best response. Do not calculate. A reasonable APR to pay for a 3-year automobile loan is a 6% . b $2,00 . c . 0 40% 6.3 points Question 9 1. Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is depleted, and they will need to borrow money in order to buy a new one. Sears offers them an installment loan at 10% (add-on rate). If the refrigerator at Sears costs $1,550 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 5 years, what is the monthly payment? a . $44.7 6 b $36.6 . 2 $40.6 9 d $28.5 . 5 e $38.7 . 5 c . 6.3 points Question 10 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 3, 7, 11, 15, ... a . Geometric and a 5 = 19 b Geometric . and a 5 = 15 c None and a 5 = 54 . d Fibonacci . e . and a 5 = 26 Arithmetic and a 5 = 19 6.3 points Question 11 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 4, 12, 36, 108, ... a . Fibonacci and a 5 = 144 b Arithmetic and a 5 = . 111 c Geometric and a 5 = . 324 d None and a 5 = 96 . e . Geometric and a 5 = 432 6.3 points Question 12 1. Classify the sequence as arithmetic, geometric, Fibonacci, or none of these and supply the next term. 1, 6, 7, 13, ... a . Arithmetic and a 5 = 14 b Fibonacci and a 5 = . 20 c None and a 5 = 91 . d Arithmetic . e . and a 5 = 19 Geometric and a 5 = 78 6.3 points Question 13 1. Find the first three terms of the sequence whose nth term is given. a . b . c . d . e . 6.3 points Question 14 1. 2. Find the 16th term of the sequence. a . b . c . d . e . 6.3 points Question 15 1. Evaluate the expression. a 28 . b 12 . 7 c2 . d 14 . e . 0 25 6.3 points Question 16 1. The game of pool uses 15 balls numbered from 1 to 15 (see the figure below). In the game of rotation, a player attempts to "sink" a ball in a pocket of the table and receives the number of points on the ball. Suppose we consider a game of "super pool", which has 24 consecutively numbered balls on the table. How many points would a player receive to "run the table"? a 300 . b 276 . c 24 . d 650 . e 325 . b) Find the future value : $475 at 3.25% compounded daily for 5 years c) Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is depleted, and they will need to borrow money in order to buy a new one. Sears offers them an installment loan at 16 % ( add-on rate). If the refrigerator at Sears costs $1,540 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 3 years, what is the monthly payment