Question 1 (1 point)       Saved             Find m for…

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Question 1 (1 point)       Saved             Find m for…

Question 1 (1 point)

 

 

 Saved

 

 

 

 

 

 

Find m for the investment of $1000.00 for 2 years at 1.8% compounded semi-annually.

Question 1 options:

 

A) 

2

 

B) 

0.9%

 

C) 

4

 

D) 

1

 

Question 2 (1 point)

 

 

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Find i if an amount is invested at 6.00% compounded every 3 months.

Question 2 options:

 

A) 

1.50%

 

B) 

6.00%

 

C) 

0.02

 

D) 

3.00%

 

E) 

2.00%

 

Question 3 (1 point)

 

 

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Determine n if an amount is invested for 3.5 years at 2.25% compounded quarterly.

Question 3 options:

 

A) 

10.5

 

B) 

0.5625%

 

C) 

56.25

 

D) 

5

 

E) 

14

 

Question 4 (1 point)

 

 

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If $3000.00 is invested for seven years and seven months at 6% p.a. compounded quarterly, calculate the maturity value.

Question 4 options:

 

A) 

$4745.43

 

B) 

$3776.32

 

C) 

$3763.18

 

D) 

$4882.57

 

E) 

$4712.57

 

Question 5 (1 point)

 

 

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Calculate the accumulated value of $1000.00 at 8% compounded monthly for 12 years.

Question 5 options:

 

A) 

$1603.39

 

B) 

$603.39

 

C) 

$2003.39

 

D) 

$2603.39

 

E) 

$2600.39

 

Question 6 (1 point)

 

 

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Determine the nominal rate of interest if the periodic rate is 1.75% per quarter.

Question 6 options:

 

A) 

5.25%

 

B) 

3.5%

 

C) 

21%

 

D) 

7%

 

E) 

1.75%

 

Question 7 (1 point)

 

 

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Calculate the future value of $4200 if it is invested at an interest rate of 8.6% compounded quarterly for 3 years and 10 months.

Question 7 options:

 

A) 

$5888.75

 

B) 

$5919.75

 

C) 

$5819.75

 

D) 

$5891.75

 

E) 

$5875.91

 

Question 8 (1 point)

 

 

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Aaron is planning to go on a vacation in 6 years. The vacation $7800.00. How much should he set-aside today in his savings account if the current interest rate is 7.6% p.a., compounded quarterly?

Question 8 options:

 

A) 

$4951

 

B) 

$12254

 

C) 

$7800

 

D) 

$5026

 

E) 

$4965

 

Question 9 (1 point)

 

 

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An annuity with periodic payments made at the end of each payment period is called:

Question 9 options:

 

A) 

ordinary

 

B) 

general

 

C) 

annuity due

 

D) 

simple

 

E) 

none of the above

 

Question 10 (1 point)

 

 

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Calculate the accumulated value of quarterly payments of $100.00 made at the end of each quarter for ten years just after the last payment has been made if interest is 8% p.a. compounded quarterly.

Question 10 options:

 

A) 

$6040.20

 

B) 

$4415.88

 

C) 

$2040.00

 

D) 

$2015.88

 

E) 

$4003.91

 

Question 11 (1 point)

 

 

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Regular contributions of $200 are made at the end of each month for five years into a savings account earning interest at 4% compounded quarterly. The annuity can be classified as

Question 11 options:

 

A) 

ordinary general annuity

 

B) 

perpetuity

 

C) 

ordinary simple annuity

 

D) 

ordinary annuity due

 

E) 

this is not an annuity

 

Question 12 (1 point)

 

 

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Calculate the accumulated value of monthly payments of $100.00 made at the end of each month for ten years just after the last payment has been made if interest is 12% p.a. compounded monthly.

Question 12 options:

 

A) 

$1 046.22

 

B) 

$23 003.87

 

C) 

$330 003.87

 

D) 

$12 000

 

E) 

$33 003.87

 

Question 13 (1 point)

 

 

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When the conversion period is different from the payment period, an annuity is called:

Question 13 options:

 

A) 

certain

 

B) 

deferred

 

C) 

ordinary

 

D) 

general

 

E) 

simple

 

Question 14 (1 point)

 

 

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You are offered payments of $475 at the end of each semi-annual period for 6.5 years. You think that the cost of money is 6.14% compounded semi-annually. What is the present cash value?

Question 14 options:

 

A) 

$5290.06

 

B) 

$5092.06

 

C) 

$5209.06

 

D) 

$5292.06

 

E) 

$5029.06

 

Question 15 (1 point)

 

 

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Calculate the present value of five payments of $1500.00 made at the end of each of five consecutive years respectively if money is worth 6% compounded annually.

Question 15 options:

 

A) 

$7486.52

 

B) 

$7050.00

 

C) 

$7486.00

 

D) 

$7950.00

 

E) 

$6318.55

 

Question 16 (1 point)

 

 

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An annuity due is an annuity for which

Question 16 options:

 

A) 

the payments are made at the beginning of each payment period

 

B) 

the payments are made to repay a loan

 

C) 

the payments are made at the end of each payment period

 

D) 

the payments continue forever

 

E) 

the payment period is not the same as the conversion period

 

Question 17 (1 point)

 

 

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The term of annuity is

Question 17 options:

 

A) 

the length of time between the successive payments

 

B) 

the length of time from the beginning of the first payment interval to the end of the last payment interval

 

C) 

the length of the conversion interval

 

D) 

the interval between the first and the last payments

 

E) 

the length of the payment interval

 

Question 18 (1 point)

 

 

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Annuities differ from regular compound interest, where a single amount is invested or borrowed and all of the growth before maturity is due to compounding interest.

Question 18 options:

  True
  False

 

Question 19 (1 point)

 

 

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Examples of annuities are:

 

Question 19 options:

 

Payment of Residential Mortgages

 

Car Loan or leases payment

 

Student Loan Payments

 

All of the above

 

Question 20 (1 point)

 

 

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A perpetuity is an annuity for which the payments

Question 20 options:

 

are made for 10 years

 

are made for 15 years

 

are made for 12 years

 

Continue forever.

 

Question 21 (1 point)

 

 

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Simplify: 9(8 – 5) + 5(6 + 4)

Question 21 options:

 

37

 

77

 

58

 

33

 

Question 22 (1 point)

 

 

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Question 22 options:

 

10

 

3

 

2

 

4

 

Question 23 (1 point)

 

 

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Beth’s annual salary is $42,120.00. Her regular work-week is 36 hours and she is paid semi-monthly. Calculate her hourly rate of pay.

Question 23 options:

 

$22.50

 

$20.25

 

$67.5

 

$22.05

 

Question 24 (1 point)

 

 

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A salesperson receives a commission of 5% on the first $1,500.00 of sales during a week. On the next $5,000.00 she receives a commission of 10.5%. On any additional sales, the commission rate is 11.75%. Find her gross earnings for a week during which her sales amount to $12,400.00.

Question 24 options:

 

$1,293.25

 

$1,239.25

 

$1,200

 

$1,293.52

 

Question 25 (1 point)

 

 

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Sean’s residence is assessed by the local taxation department at $160,000. Calculate the property taxes paid on this property if the existing mill rate is 20.

Question 25 options:

 

$32,000

 

$3,000

 

$3,200

 

$30,000

 

Question 26 (1 point)

 

 

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Beth’s annual salary is $42,120.00. Her regular work-week is 36 hours and she is paid semi-monthly. Calculate her gross pay for a period in which she works 12 hours of overtime at time and one-half regular pay. 

Question 26 options:

 

$2,610

 

$2,160

 

$2060

 

$1,755

 

Question 27 (1 point)

 

 

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A sales representative selling computer parts receives a commission of 3.5% on net sales up to $15,000.00, 7% on the next $6,000.00, and 9% on any further sales. If his sales for a month were $34,250.00 and sales returns were $1,055.00, what was his commission for the month?

Question 27 options:

 

$2402.55

 

$2420.55

 

$2,042.55

 

$2,000

 

Question 28 (1 point)

 

 

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Sarah receives a semi-monthly salary of $933.20 and works a regular workweek of 40 hours. What is Sarah’s hourly rate of pay? 

Question 28 options:

 

$10.77

 

$23.33

 

$5.38

 

$17.00

 

Question 29 (1 point)

 

 

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S. Wall receives a yearly salary of $33, 868.00. She is paid bi-weekly and her regular workweek is 37.5 hours. What is the gross pay per pay period? 

Question 29 options:

 

1302.26

 

1320.62

 

$1,302.62

 

$1,300

 

Question 30 (1 point)

 

 

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Calculate the amount of interest that will be charged on $7000.00 borrowed for five months at 5.5%.

Question 30 options:

 

$160.24

 

$164.20

 

$160.42

 

$160.00

 

Question 31 (1 point)

 

 

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Determine the exact time between January 30, 2023 and May 20, 2023.

Question 31 options:

 

109

 

110

 

111

 

100

 

Question 32 (1 point)

 

 

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Determine the exact time between January 21, 2019 and September 13, 2019.

Question 32 options:

 

234

 

235

 

230

 

236

 

Question 33 (1 point)

 

 

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What principal will earn $219.89 interest at 11.25% p.a. from November 16, 2019 to February 7, 2020?

Question 33 options:

 

$8,500

 

$8985.45

 

$8,589.45

 

$8595.45

 

Question 34 (1 point)

 

 

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Find the maturity value of $1080.00 invested at 3.65% from July 24, 2019 to December 21, 2019.

Question 34 options:

 

$1,000

 

$1069.20

 

$1,500

 

$1,096.20

 

Question 35 (1 point)

 

 

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What principal will have a maturity value of $40,000.00 at 5.25% p.a. in 4 years?

Question 35 options:

 

$33,000

 

$33,057.85

 

$33,570.85

 

$33,500

 

Question 36 (1 point)

 

 

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A principal of $1,000 is invested at 12% compounded monthly for four years. Find the compound discount.

Question 36 options:

 

$612

 

$600

 

$621

 

$620

 

Question 37 (1 point)

 

 

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A savings certificate for $3,000 carries an interest rate of 12% compounded quarterly. The nominal rate of interest is:

Question 37 options:

 

12%

 

3%

 

1%

 

4%

 

Question 38 (1 point)

 

 

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Gary invested $4,000 at 6% per annum compounded monthly for four years. What is the periodic rate of interest?

Question 38 options:

 

6%

 

0.5%

 

5%

 

1%

 

Question 39 (1 point)

 

 

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What is the future value of $2200 invested for nine months at 4.25% compounded semi-annually?

Question 39 options:

 

$2,000.49

 

$2,200.49

 

$2,270.49

 

$2,100

 

Question 40 (1 point)

 

 

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Find the amount to which semi-annual deposits of $200.00 will grow in four years at 6.6% p.a. compounded semi-annually.

Question 40 options:

 

$1750.00

 

$1,700.00

 

$1,797.51

 

$1,500.07

 

 

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