MATH 34 Quizzes Exam 1
2231 - 202223SP
Exam 1
Account Home
Due Feb 12 at 11:59pm Points 100 Ques!ons 19
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Dashboard Available Feb 10 at 12am - Feb 12 at 11:59pm Time Limit 90 Minutes
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You will have 90 minutes to complete the exam. You only have one a!empt. You cannot save the exam and come
Groups Grades 5
back to complete it later.
Zoom Format: 5 vocabulary ques"ons (2 points each) and 18 mul"ple choice ques"ons (5 points each)
Calendar
Honorlock 1.3 Sec"ons covered: 1.1, 1.2, 1.3, Introduc"on to Sequences, Arithme"c Sequences, 2.1, 2.2, 3.1, Geometric
Tutor.com Sequences, 3.2, 3.3, 3.4
Inbox
Collabora"ons Keep in mind that you will have 90 minutes to complete the exam. You will not be able to spend as much "me on
each problem as on the quizzes. The quizzes are to help you learn the material. The exam is to show your
History mastery of the material.
My Media This quiz was locked Feb 12 at 11:59pm.
No"ces A!empt History
A"empt Time Score
Help
LATEST A!empt 1 52 minutes 95 out of 100
Score for this quiz: 95 out of 100
Submi!ed Feb 10 at 10:57am
This a!empt took 52 minutes.
Ques!on 1 pts
Choose the vocabulary word that matches.
Correct! Someone who owes someone Debtor
else money
Correct! Someone to whom money is Creditor
owed
Correct! The amount borrowed Principal
Correct! The result that the lender pays Proceeds
to the borrower
Correct! The ending amount of a loan Future Value
Ques!on 2 pts
Annie borrowed $9,000 from her brother for 5 years at a simple interest rate of
. How much interest will Annie have to pay at the end of the term?
Correct! $3,093.75
$5,906.25
$3,437.50
$3,549.41
$3,051.00
I = PRT
I = ($9,000)(0.06875)(5)
I = $3,093.75
Ques!on 3 pts
Eric borrowed $3,250 for 17 weeks at a simple interest rate of . How
much interest will he have to pay?
$4,903.44
$93.29
$8,153.44
Correct! $94.30
$3,344.30
I = PRT
I = ($3,250)(0.08875)(17/52)
I = $94.30
Ques!on 4 pts
Catherine borrowed $15,000 at a simple interest rate of 8%. The total amount
that she has to repay is $16,000. In how many months does Catherine have to
pay off the loan?
7.81 months
8.00 months
Correct! 10.00 months
8.33 months
9.38 months
Step 1: Find I.
I = total repayment − amount borrowed
I = $16,000 − $15,000
I = $1,000
Step 2: Find T.
I = PRT
$1,000 = ($15,000)(0.08)T
T = 0.833333333... years
Mul"ply by 12 to convert to months.
T = 10.00 months
Ques!on 5 pts
Chris"na invested money in two accounts: a savings account that yields 1%
simple interest and a CD that yields 2% simple interest. The amount invested at
2% was twice the amount invested at 1%. How much did Chris"na invest in the
CD if the total interest from both accounts combined at the end of 1 year was
$40?
$800
Correct! $1,600
$400
$2,000
$1,000
Savings Account:
I1 = P1R1T1
I1 = P1(0.01)(1)
I1 = 0.01P1
CD:
I2 = P2R2T2
I2 = P2(0.02)(1)
I2 = 0.02P2
Total amount of interest combined:
I1 + I2 = $40
Subs"tute I1 and I2 to get: 0.01P1+ 0.02P2 = $40
Amount invested in the CD was twice as much as the amount invested
in the savings account:
P2 = 2P1
Subs"tute P2 in the equa"on for the total amount of interest to get:
0.01P1 + 0.02(2P1) = $40
Solve this equa"on for P1:
0.01P1 + 0.02(2P1) = $40
0.01P1 + 0.04P1 = $40
0.05P1 = $40
P1 = $800 This is the amount invested in the savings account.
We need to find the amount invested in the CD. i.e. Find P2.
P2 = 2P1 = 2($800) = $1,600 This is the amount invested in the CD.
Ques!on 6 pts
Which of the following sequences is an arithme"c sequence?
Correct! 3, 12, 21, 30, 39, …
2, 9, 16, 21, 28, …
2, 4, 8, 14, 22, …
3, 6, 12, 24, 48, …
5, 10, 25, 50, 75, …
3, 12, 21, 30, 39, … is an arithme"c sequence because the difference
between any two consecu"ve terms is constant.
12 − 3 = 9
21 − 12 = 9
30 − 21 = 9
39 − 30 = 9
common difference = 9
Ques!on 7 pts
Cookie Crumble Bakery lost $1,600 in its first month of business. Then, the
bakery’s profit increased by $549 each month for the next year. What was the
bakery’s total profit for the first year?
Correct! $17,034
$4,439
$7,639
$55,434
$20,328
Arithme!c Sequence
a1 = −$1,600
d = $549
Find S12.
Step 1: Find a12.
an = a1 + (n−1)d
a12 = −$1,600 + (12−1)($549)
a12 = $4,439
Step 2: Find S12.
Sn = (n/2)(a1 + an)
S12 = (12/2)(−$1,600 + $4,439)
S12 = $17,034
Ques!on 8 pts
A $20,000 face value note has a term of 200 days and a simple discount rate of
. Find the proceeds of the note.
$633.42
$19,366.58
Correct! $19,356.16
$20,643.84
$643.84
D = MdT
D = ($20,000)(0.05875)(200/365)
D = $643.84
Proceeds = M - D = $20,000 - $643.84 = $19,356.16
Ques!on 9 pts
Jus"n bought a $5,000 face value T-bill at auc"on for $4,906.77. The simple
discount rate is 3.03%. How many weeks will it take for his T-bill to mature?
24 weeks
63 weeks
12 weeks
62 weeks
Correct! 32 weeks
Step 1: Find D.
D=M−P
D = $5,000 − $4,906.77
D = $93.23
Step 2: Find T.
D = MdT
$93.23 = ($5,000)(0.0303)T
T = 0.615379538... years
Mul"ply by 52 to convert to weeks.
T = 32 weeks
Ques!on 10 pts
Tyler invested $9,800 in discount notes with face values totaling $10,000. The
notes will mature in 8 months, and the simple discount rate is 3%. What is the
equivalent simple interest rate?
3.33%
2.94%
3.00%
Correct! 3.06%
4.00%
I = PRT
Find R.
Step 1:
I=M−P
I = $10,000 − $9,800 = $200
Step 2:
I = PRT
$200 = ($9,800)(R)(8/12)
R = 0.03061...
Mul"ply by 100 to get R = 3.06%
Ques!on 11 pts
Mia is expec"ng an $848 paycheck in 5 days. A payday lender offers to give her
cash now in exchange for this check. The lender’s fee is 1.5% of the amount of
the paycheck, plus a $20 service fee. What is the simple discount rate?
32.72%
2.82%
20.17%
174.25%
Correct! 281.67%
D = MdT
Find d.
Step 1:
D = fee = 0.015 x $848 + $20 = $32.72
Step 2:
D = MdT
$32.72 = ($848)(d)(5/365)
d = 2.816698113...
Mul"ply by 100 to get d = 281.67%
Ques!on 12 pts
How much money should Jacob deposit today into an account earning 7.5%
compounded annually in order to have $22,000 in the account 4 years from
now?
$18,000.00
$29,380.32
Correct! $16,473.61
$7,333.33
$20,999.30
FV = PV(1 + i)n
Find PV.
$22,000 = PV(1 + 0.075)4
PV = $16,473.61
Ques!on 13 pts
Caroline started a new job, and her salary in her first year is $45,360. If
Caroline’s salary increases by 2.5% each year, how much will she earn in her
tenth year on the job?
$36,117.24
$59,516.25
$58,064.63
Correct! $56,648.42
$56,700.00
Percentage increase each "me period Geometric Sequence
Find salary in tenth year. i.e. Find a9.
an = a0rn
a0 = $45,360
r = 100% + 2.5% = 102.5% = 1.025
a9 = $45,360(1.025)9
a9 = $56,648.42
Ques!on 14 pts
Dylan makes homemade bow"es in his spare "me and sells them online. In his
first month, he makes $50 in profit, and his profit increases by 8% each month
for the first two years. How much total profit will Dylan make in his first two
years?
$3,044.66
Correct! $3,338.24
$54.25
$317.06
$104.00
Percentage increase each month Geometric Sequence
Find the total profit in the first two years. i.e. Find S24.
a0 = $50
r = 100% +8% = 108% = 1.08
S24 = $3,338.24
Ques!on 15 pts
How much should Kathy deposit today into an account earning
compounded biweekly in order to have $30,000 in the account 8 years from
now?
$16,821.07
$24,616.37
$18,000.00
Correct! $16,478.58
$16,464.35
FV = PV(1 + i)n
Find PV.
i = 0.075/26
n = 8 x 26 = 208
$30,000 = PV(1 + 0.075/26)208
PV = $16,478.58
Ques!on 16 pts
Charles deposited $12,000 into an account paying 6.5% compounded
con"nuously. How much interest will he earn in 25 years?
$57,932.39
$19,500.00
You Answered $60,941.03
Correct Answer $48,941.03
$45,932.39
Step 1:
FV = PV e(rt)
Find FV.
FV = $12,000 e(0.065 x 25)
This study source was downloaded by 100000879310387 from CourseHero.com on 02-09-2024 19:11:49 GMT -06:00 FV = $60,941.03
Step 2:
https://www.coursehero.com/file/202686313/MATH-34-EXAM-1pdf/
interest = FV − PV
interest = $60,941.03 − $12,000 = $48,941.03
Ques!on 17 pts
Alfred’s investment por%olio grew from $400,000 to $1,000,000 in 12 years.
Exactly what compound interest rate did his por%olio earn? Assume that the
interest was compounded annually.
Correct! 7.93%
7.35%
12.50%
9.67%
8.00%
i = 0.07934... = 7.93%
Ques!on 18 pts
Isabella’s re"rement account is currently worth $90,000. If her account earns 9%
compounded annually, approximately how long will it take for her account to
grow to $720,000?
Correct! 24 years
27 years
16 years
8 years
20 years
Rule of 72
2231 - 202223SP
Exam 1
Account Home
Due Feb 12 at 11:59pm Points 100 Ques!ons 19
Announcements
Dashboard Available Feb 10 at 12am - Feb 12 at 11:59pm Time Limit 90 Minutes
Syllabus
Modules
Courses Instruc!ons
Discussions
You will have 90 minutes to complete the exam. You only have one a!empt. You cannot save the exam and come
Groups Grades 5
back to complete it later.
Zoom Format: 5 vocabulary ques"ons (2 points each) and 18 mul"ple choice ques"ons (5 points each)
Calendar
Honorlock 1.3 Sec"ons covered: 1.1, 1.2, 1.3, Introduc"on to Sequences, Arithme"c Sequences, 2.1, 2.2, 3.1, Geometric
Tutor.com Sequences, 3.2, 3.3, 3.4
Inbox
Collabora"ons Keep in mind that you will have 90 minutes to complete the exam. You will not be able to spend as much "me on
each problem as on the quizzes. The quizzes are to help you learn the material. The exam is to show your
History mastery of the material.
My Media This quiz was locked Feb 12 at 11:59pm.
No"ces A!empt History
A"empt Time Score
Help
LATEST A!empt 1 52 minutes 95 out of 100
Score for this quiz: 95 out of 100
Submi!ed Feb 10 at 10:57am
This a!empt took 52 minutes.
Ques!on 1 pts
Choose the vocabulary word that matches.
Correct! Someone who owes someone Debtor
else money
Correct! Someone to whom money is Creditor
owed
Correct! The amount borrowed Principal
Correct! The result that the lender pays Proceeds
to the borrower
Correct! The ending amount of a loan Future Value
Ques!on 2 pts
Annie borrowed $9,000 from her brother for 5 years at a simple interest rate of
. How much interest will Annie have to pay at the end of the term?
Correct! $3,093.75
$5,906.25
$3,437.50
$3,549.41
$3,051.00
I = PRT
I = ($9,000)(0.06875)(5)
I = $3,093.75
Ques!on 3 pts
Eric borrowed $3,250 for 17 weeks at a simple interest rate of . How
much interest will he have to pay?
$4,903.44
$93.29
$8,153.44
Correct! $94.30
$3,344.30
I = PRT
I = ($3,250)(0.08875)(17/52)
I = $94.30
Ques!on 4 pts
Catherine borrowed $15,000 at a simple interest rate of 8%. The total amount
that she has to repay is $16,000. In how many months does Catherine have to
pay off the loan?
7.81 months
8.00 months
Correct! 10.00 months
8.33 months
9.38 months
Step 1: Find I.
I = total repayment − amount borrowed
I = $16,000 − $15,000
I = $1,000
Step 2: Find T.
I = PRT
$1,000 = ($15,000)(0.08)T
T = 0.833333333... years
Mul"ply by 12 to convert to months.
T = 10.00 months
Ques!on 5 pts
Chris"na invested money in two accounts: a savings account that yields 1%
simple interest and a CD that yields 2% simple interest. The amount invested at
2% was twice the amount invested at 1%. How much did Chris"na invest in the
CD if the total interest from both accounts combined at the end of 1 year was
$40?
$800
Correct! $1,600
$400
$2,000
$1,000
Savings Account:
I1 = P1R1T1
I1 = P1(0.01)(1)
I1 = 0.01P1
CD:
I2 = P2R2T2
I2 = P2(0.02)(1)
I2 = 0.02P2
Total amount of interest combined:
I1 + I2 = $40
Subs"tute I1 and I2 to get: 0.01P1+ 0.02P2 = $40
Amount invested in the CD was twice as much as the amount invested
in the savings account:
P2 = 2P1
Subs"tute P2 in the equa"on for the total amount of interest to get:
0.01P1 + 0.02(2P1) = $40
Solve this equa"on for P1:
0.01P1 + 0.02(2P1) = $40
0.01P1 + 0.04P1 = $40
0.05P1 = $40
P1 = $800 This is the amount invested in the savings account.
We need to find the amount invested in the CD. i.e. Find P2.
P2 = 2P1 = 2($800) = $1,600 This is the amount invested in the CD.
Ques!on 6 pts
Which of the following sequences is an arithme"c sequence?
Correct! 3, 12, 21, 30, 39, …
2, 9, 16, 21, 28, …
2, 4, 8, 14, 22, …
3, 6, 12, 24, 48, …
5, 10, 25, 50, 75, …
3, 12, 21, 30, 39, … is an arithme"c sequence because the difference
between any two consecu"ve terms is constant.
12 − 3 = 9
21 − 12 = 9
30 − 21 = 9
39 − 30 = 9
common difference = 9
Ques!on 7 pts
Cookie Crumble Bakery lost $1,600 in its first month of business. Then, the
bakery’s profit increased by $549 each month for the next year. What was the
bakery’s total profit for the first year?
Correct! $17,034
$4,439
$7,639
$55,434
$20,328
Arithme!c Sequence
a1 = −$1,600
d = $549
Find S12.
Step 1: Find a12.
an = a1 + (n−1)d
a12 = −$1,600 + (12−1)($549)
a12 = $4,439
Step 2: Find S12.
Sn = (n/2)(a1 + an)
S12 = (12/2)(−$1,600 + $4,439)
S12 = $17,034
Ques!on 8 pts
A $20,000 face value note has a term of 200 days and a simple discount rate of
. Find the proceeds of the note.
$633.42
$19,366.58
Correct! $19,356.16
$20,643.84
$643.84
D = MdT
D = ($20,000)(0.05875)(200/365)
D = $643.84
Proceeds = M - D = $20,000 - $643.84 = $19,356.16
Ques!on 9 pts
Jus"n bought a $5,000 face value T-bill at auc"on for $4,906.77. The simple
discount rate is 3.03%. How many weeks will it take for his T-bill to mature?
24 weeks
63 weeks
12 weeks
62 weeks
Correct! 32 weeks
Step 1: Find D.
D=M−P
D = $5,000 − $4,906.77
D = $93.23
Step 2: Find T.
D = MdT
$93.23 = ($5,000)(0.0303)T
T = 0.615379538... years
Mul"ply by 52 to convert to weeks.
T = 32 weeks
Ques!on 10 pts
Tyler invested $9,800 in discount notes with face values totaling $10,000. The
notes will mature in 8 months, and the simple discount rate is 3%. What is the
equivalent simple interest rate?
3.33%
2.94%
3.00%
Correct! 3.06%
4.00%
I = PRT
Find R.
Step 1:
I=M−P
I = $10,000 − $9,800 = $200
Step 2:
I = PRT
$200 = ($9,800)(R)(8/12)
R = 0.03061...
Mul"ply by 100 to get R = 3.06%
Ques!on 11 pts
Mia is expec"ng an $848 paycheck in 5 days. A payday lender offers to give her
cash now in exchange for this check. The lender’s fee is 1.5% of the amount of
the paycheck, plus a $20 service fee. What is the simple discount rate?
32.72%
2.82%
20.17%
174.25%
Correct! 281.67%
D = MdT
Find d.
Step 1:
D = fee = 0.015 x $848 + $20 = $32.72
Step 2:
D = MdT
$32.72 = ($848)(d)(5/365)
d = 2.816698113...
Mul"ply by 100 to get d = 281.67%
Ques!on 12 pts
How much money should Jacob deposit today into an account earning 7.5%
compounded annually in order to have $22,000 in the account 4 years from
now?
$18,000.00
$29,380.32
Correct! $16,473.61
$7,333.33
$20,999.30
FV = PV(1 + i)n
Find PV.
$22,000 = PV(1 + 0.075)4
PV = $16,473.61
Ques!on 13 pts
Caroline started a new job, and her salary in her first year is $45,360. If
Caroline’s salary increases by 2.5% each year, how much will she earn in her
tenth year on the job?
$36,117.24
$59,516.25
$58,064.63
Correct! $56,648.42
$56,700.00
Percentage increase each "me period Geometric Sequence
Find salary in tenth year. i.e. Find a9.
an = a0rn
a0 = $45,360
r = 100% + 2.5% = 102.5% = 1.025
a9 = $45,360(1.025)9
a9 = $56,648.42
Ques!on 14 pts
Dylan makes homemade bow"es in his spare "me and sells them online. In his
first month, he makes $50 in profit, and his profit increases by 8% each month
for the first two years. How much total profit will Dylan make in his first two
years?
$3,044.66
Correct! $3,338.24
$54.25
$317.06
$104.00
Percentage increase each month Geometric Sequence
Find the total profit in the first two years. i.e. Find S24.
a0 = $50
r = 100% +8% = 108% = 1.08
S24 = $3,338.24
Ques!on 15 pts
How much should Kathy deposit today into an account earning
compounded biweekly in order to have $30,000 in the account 8 years from
now?
$16,821.07
$24,616.37
$18,000.00
Correct! $16,478.58
$16,464.35
FV = PV(1 + i)n
Find PV.
i = 0.075/26
n = 8 x 26 = 208
$30,000 = PV(1 + 0.075/26)208
PV = $16,478.58
Ques!on 16 pts
Charles deposited $12,000 into an account paying 6.5% compounded
con"nuously. How much interest will he earn in 25 years?
$57,932.39
$19,500.00
You Answered $60,941.03
Correct Answer $48,941.03
$45,932.39
Step 1:
FV = PV e(rt)
Find FV.
FV = $12,000 e(0.065 x 25)
This study source was downloaded by 100000879310387 from CourseHero.com on 02-09-2024 19:11:49 GMT -06:00 FV = $60,941.03
Step 2:
https://www.coursehero.com/file/202686313/MATH-34-EXAM-1pdf/
interest = FV − PV
interest = $60,941.03 − $12,000 = $48,941.03
Ques!on 17 pts
Alfred’s investment por%olio grew from $400,000 to $1,000,000 in 12 years.
Exactly what compound interest rate did his por%olio earn? Assume that the
interest was compounded annually.
Correct! 7.93%
7.35%
12.50%
9.67%
8.00%
i = 0.07934... = 7.93%
Ques!on 18 pts
Isabella’s re"rement account is currently worth $90,000. If her account earns 9%
compounded annually, approximately how long will it take for her account to
grow to $720,000?
Correct! 24 years
27 years
16 years
8 years
20 years
Rule of 72
