MATH 21 PRACTICE TEST Chapters 5 & 8 Instructor Bronie Name 1. Jones borrows $500 for 3 years at 6% simple interest (annual rate). How much interest will be paid? Answer 2. Matt paid $1 15.50 interest on a loan at 7% simple interest for 1.5 years. How much did he borrow? Answer 3. How much should be invested at 6% to have $1800 at the end of 1.5 years? Answer4 . Find the discount and the amount the borrower receives for the discount loan where the maturity value is $960, the annual discount rate is 5.25% and the time is 10 months. Answer 5 . If $4500 is invested at 7.5% compounded annually for 6 years, find (a) the final amount and (b) the total interest earned on the original investment. Answer6. $12,000 is invested at 10% interest. Find the amount at the end of 3 years if the interest is compounded semiannually. Answer 7. Hank and Gretel want to put money in a savings account now so that they will have $1800 in 5 years. The savings bank pays 6% interest compounded quarterly. How much should Hank and Gretel invest? Answer 8. An investor wants to double her money in 7 years. What interest rate, compounded quarterly, will allow her to do that? Answer 9. Find the amount at the end of6 months if the principal is $460, the rate is 5.4% compounded monthly. Answer 10. How much should be invested at 7.6 % compounded quarterly in order to have $12,000 at the end of 5 years? Answer l 1. Determine the amount of an ordinary annuity after 15 years, if $16,000 is deposited annually at 7%. Answer 12. The amount (future value) of an ordinary annuity is $2500. The annuity earns 6.5% compounded annually for 4 years. How much are the periodic payments? Answer 13. The amount needed at the end of4 years in a sinking fund is $75,000. The interest rate is 7.2% and payments are to be made quarterly. Find the amount of the periodic payments. Answer 14. A young couple saves for a down payment on a house by depositing $100 each month into an annuity that pays a 4.8% annual rate. Find the amount in the annuity at the end of 2 years. Answer 15. A group sets up a sinking fund to accumulate $50,000 by the end of 4 years. What quarterly deposits are required if the annual interest rate is 4.8% and it is compounded quarterly? Answer 16. Find the present value of an annuity that will pay $300 per quarter for 5.5 years. The interest is 6.8% compounded quarterly. Answer 17'. Find the periodic payments for an annuity with a Present Value = $32,000, and an interest rate of 7.2% compounded monthly for 8 years. Answer 18. Find the monthly payments for a loan, where the amount of loan = $68,000 at an annual interest rate of 6.6% for 30 years. Answer 19. A druggist borrows $4500 from a bank to stock her drugstore. The interest rate is 8% compounded semiannually with payments due every 6 months. She wants to repay the loan in 18 months. How much are the semianuual payments? Answer 20. The daily number of students who used the state college swimming pool on 40 days during the summer is as follow: 9098137108128115152122110132149131102109118126121145 89149 8612093118142 139128110105104131159 93119102129132129 98116 Form a frequency table with the classes 8599, 100-114, 115-129, 130-144, and 145-159. 21. Make a stem-and-leafplot for the given scores: 26, 31, 53, 23, 57, 44, 27, 38, 41, 59, 33,40, 39, 48, 41 Ue the rst digit as the stem 20. The daily number of students who used the state college swimming pool on 40 days during the summer is as follow: 9098137108128115152122110132149131102109118126121145 89149 8612093118142 139128110105104131159 93119102129132129 98116 Form a frequency table with the classes 8599, 100-114, 115-129, 130-144, and 145-159. 21. Make a stem-and-leafplot for the given scores: 26, 31, 53, 23, 57, 44, 27, 38, 41, 59, 33,40, 39, 48, 41 Ue the rst digit as the stem The student employment ofce surveyed 150 working students to determine how many hours they worked each week. They found the following information: Hours per Week Number of Students 0 - 4.9 21 5 - 9.9 34 10 - 14.9 29 15 - 19.9 17 20 - 24.9 27" 25 - 30 22 Draw the histogram of this summary. The following table shows students' responses on several items. Draw a histogram that shows the relative frequency ofeach response. Response Frequency 1 22 2 2O 3 5 4 3 5 0 24. 25. 26. 27'. Draw a pie chart that represents the following frequency distribution: Brand ofCoffee Number who prefer this brand Brand X 28 Brand Y 34 Brand Z 18 Find the mean of3, 8, 2, 14, 21 Answer Find the median of 1, 3, 9, 17, 22 Answer Find the median of 12, 14, 21, 25, 30, 37 Answer 28. Find the mode of 1, 5, 8, 3, 2, 5, 6, 11, 5 Answer 29. Find the mode of 10, 14, 10, 16, 10, 14, 16, 14, 21 Answer 30. Find the mode of 5, 4, 9, 13, 12, 1, 2 Answer 31. The attendance in a class for a 20-day period was the following: Answer Attendance Frequency 19 20 21 22 WOO UI - N 23 24 Find the average (mean) daily attendance.32. Estimate the mean for the grouped data: Answer Score Frequency 0-5 6-10 11-19 12 20-30 33. Henry scored 80, 72, 84, and 68 on four exams. What must he make on the fifth exam to have an average of 80? Answer 34. The World Tourism Organization estimates the average number of vacations day per year worldwide. Here are their findings for nine countries. Find the mean and median vacation days. Answer Country Vacation Days Italy 42 France 37 Germany 35 Brazil 34 United Kingdom 28 Canada 26 Korea 25 Japan 25 United States 1335. Seven cash registers at a supermarket averaged sales of$2946.38 one day. What were their total sales?. Answer 36. Determine population mean, variance and standard deviation for 4, 8, 9, 10, 14 Answer 37. Find the sample mean ad standard deviation ofthe following frequency distribution: Answer L Fregueney 12 3 15 4 20 5 22 4 38. The daily high temperature (in degrees Fahrenheit) one week in January were 32, 35, 28, 34, 29, 33, and 26. Find the mean and standard deviation of the temperature. Answer 39. Let u = 160 and standard deviation = 16. Find the z-seore for the score 180. Answer 40. Find the ve-point summary of the following scores: 3, 4, 6, 8, 1 1, 12, 15, 16, 19, 20. Answer 41. Draw the box plot that represents the following scores: 3, 4, 7, 8, 1 1, 12, 15, 17, 20. 42. A student scored at the 70" percentile on a test taken by 1 10 students. What was her rank? Answer 43. The daily totals of students who rode the campus shuttle bus are as follows: 166 172 184 176 181 84 170 198 182 203 210 141 77 93 147 205 164 122 211 137 Summarize these totals with a frequency table with five categories.44. On five exams Sara has an average (mean) of 77, which is a C grade. What must she make on the next exam to raise her grade to a B, that is to 80? Answer 45. The mean salery of8 employees is $27,450, and the mean salery of 10 others is $31,400. Find the mean salery of the 18 employees. Answer ANSWERS Practice Test--Chapters 5 & 8 Interest = $90 $1100 UAWN- $1651 D = $42; PR = $918 A = $6944.86; I = $2,444.86 6. $16,081.15 7 . $1,336.45 8 . 2.5% quarterly rate which gives 10% annual rate. 9 $472.56 10. $8235.64 11. $402,064.35 12. $567.26 13 $4086.63 14. $2513.71 15. $2853.25 16. $5468.07 17. $439.47 . 18. Monthly payments are $434.2 19 $1,621.57 20. Frequency Table 21. Stem-Leaf Plot 22. Histogram 23. Histogram 24. Pie chart 25. Mean = 9.6 26. 9 27 . 23 28. 5 29. 10 and 14 30. No mode 31. 22.3 32. 13.86 33. 76 34. Mean = 29.4, median = 28 35. $20,624.66 36. Mean = 9, variance = 10.4, standard deviation = 3.22 37. Mean = 17.75variance = 15.133, standard deviation = 3.890 38. Mean = 31, standard deviation = 3.12 39. Z-score = 1.25 40. Minimum = 3, Q1 = 6, median = 11.5, Q3 = 16, maximum = 20 41. Box Plot 42. She ranked 34th out of 1 10. 43. Frequency Table 44. Must score 95 45. Mean salary of the 18 employees is $29,644