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1. The owner of ld-Fashioned Berry Pies, 5. Simon, is contemplating adding a new line of pies, which will require leasing new equipment for a monthly payment of S. 1Iu'ariable costs would be 52 per pie, and pies would retail for 5? each. a. How many pies must be sold in order to break even? l1 What would the prot [lossl be if LBW pies are made and sold in a month? c. How many pies must be sold to realize a prot of 54,D? d. If 2,000 can be sold, and a prot target is $5,0, what price should be charged per pie? 2. An equipment installation job in the completion stage can be completed in I'll] days of 3 hour dayr work, with 40 men working. With the contract expiring in 3D days, the mechanical engineer contractor decided to add 1!] men on the job, overtime not being permitted. If the liquidated damages is th2, per day of delay, and the men are paid Php per day, will the engineer be able to complete the job on time? How much should he save money with the addition of workers? 3. The quarrying cost of marble and granite blocks plus delivery cost to the processing plant each is Phpl per cubic meter. Processing cost of marble into tiles is Phpl per square meter and that of granite into tiles also is ll-"hprli'lli.I per square mete r. If marble has a net yield of 4D square meters of block and sells at Php-l per square meter, and granite gives a net yield of 5-1] square meters of tiles per cubic meter of block, and sells at Phpl per square meter, determine the more protable material, considering all other costs to be the same, and how much is the difference in profit? SIMPLE INTEREST The interest on borrowed money is said to be simple interest if the interest to be paid is directly proportional to the length of time the amount or principal is borrowed. The principal is the amount of money borrowed and on which interest is charged. The rate of interest is the amount earned by one unit of principal during a unit of time. The formula for simple interest is I = Pin 32 | Chapter 3 - The Time Value of Money where: I = total interest earned by the principal P = amount of the principal = rate of interest n = number of interest periods The total amount F to be repaid is equal to the sum of the principal and the total interest and is given by the formula: Activate Windo F = P+1 = P(1+in) Go to Settings to actiOrdinary and Exact Simple Interest Ordinary simple interest is computed on the basis of one banker's year, which is 360 days (12 months, each consisting of 30 days). Exact simple interest is based on the exact number of days, 365 for an ordinary year and 366 days for a leap year. If d is the number of days in the interest periods, then Ordinary simple interest = Pi d 360 Pi d 365 (for ordinary year) Exact Simple interest = Pi d (for leap year) 366Canrom Manner In compound interest, the interest earned by the principal is not paid at the end of each interest period. but is considered as added to the principal. and therefore will also earn interest for the succeeding periods. The interest earned by the principal when invested at compound interest is much more than that earned by the same principal when invested at simple interest for the same number of periods. Using the same nomenclature as that for simple interest, the total amount due after H for compound interest is given by the formula F: P{l+:']" where: {l +i]'r . Single Payment Compound amount Factor [SPCHF] HDHHIAL RATE OF INTEREST For compound interest, the rate of interest usually quoted is nominal rate of interest which species the rate of interest and the number of interest periods per year. EFFECTIVE RATE OF INTEREST The efecthu: rate of interest is the actual rate of interest on the principal for one year. It is equal to the nominal rate if the interest is compounded annually, but greater than the nominal rate if the number of interest periods per year exceeds one, such as for interest compounded semiannually, quarterly or monthly. 36 | Chapter 3 The Time Paine ofMonay The relationship between effective rate of interest, 1', and nominal interest rate, r, is