1. At a certain car wash, 40 more cars than vans go through on a typical day. If each car pays $12 and each van pays $16 and the total earned per day is $2244, find the number of vans that go through the wash.

2. a) In the Fine Company, the CEO must invest in 30% more shares than the CFO. The shares sell for $10.20 each and the total value of the shares owned by the two of them is $132 549. Find the number of shares owned by the CEO.

b) The Fine Company’s total profit for the year was $300 000. Determine the P/E ratio (price to earnings ratio) for Fine Company, assuming that the CEO and CFO together own 5% of the number of stocks in the company. (Remember that price=price per share and earnings= profit earned per share)

3. The ratio of males:females in the 1st year at TRSM is 5:4 this year. If the school had admitted 200 more males, the ratio would have been 3:2. Find the number of students actually admitted this year.

4. a) Solve the system of equations:

b) If you graph both of these lines, what does the answer you found represent?

c) Graph both lines and verify your answer graphically.

5. The following equations represent lines that are a) parallel b) intersecting c) are the same line. Circle the correct answer. 3x-6y = 7
9x-18y=20

6. It turns out that $1 CAN is worth 0. 63 euros. When I go to Europe and get ready to return to Canada, I have 500 Euros left, which I exchange. The person cannot give me change and always rounds down to the nearest Canadian dollar, in order to make a profit. How many Canadian dollars do I get back? How much profit does she make?

7. Solve for x:

8. The following chart represents a survey done on cellphone use as shown. | Cellphone| No Cellphone| Total|
Under 25| 600| 100| |
25 or over| 260| 320| |
Total| | | |
If a person is selected at random from those polled, determine the...

...COMPOUNDINTEREST
Making or Spending Money
SIMPLE INTEREST FORMULA
If a principal of P dollars is borrowed for a
period of t years at a per annum interest rate
r, expressed as a decimal, then interest I
charged is
I Pr t
This interest is not used very often. Interest is
usually compounded which means interest
is charged or given on the interest and the...

...with a 2% interest rate, or in a five year certificate of deposit with and interest rate of 4.5%. Calculate how much interest you would earn with each option over five years time with continuous compounding.
I’m going to do this for my checking and savings account amount
Checking Account
A = Ce^RT My total money in the checking account is 2100 dollars Since the formula for the continuous compounding is A=Ce^RT where C is the initial deposit or...

...Continuously Compounded Interest
Mathematics: MATH650 section 02
Wendy Forbes
April 27, 2010
We often hear people say that we should let our money work for us.
Using money or capital for income or profit is called an investment.
An accountant manages a company’s money. Then, managers or company investors review their reports to find out the financial status. The demand for accountants increases as more private companies are established. In addition, there are...

...Compoundinterest is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on. This addition of interest to the principal is called compounding. A bank account, for example, may have its interest compounded every year: in this case, an account with $1000 initial principal and 20% interest per year would have a balance of $1200...

...*CompoundInterest/Discount*
CompoundInterest
When you borrow money from a bank, you pay interest. Interest is really a fee charged for borrowing the money, it is a percentage charged on the principle amount for a period of a year - usually.
If you want to know how much interest you will earn on your investment or if you want to know how much you will pay above the cost of the principal...

...A) B) Answer C) D)
1. What is the simple interest for a principal of $620 invested at a rate of 7% for 3 years? $173.60 $130.20 $172.60 $129.20
A) B) C) Answer D) E)
2. If you borrow $1100 for 5 years at 14% annual simple interest, how much must you repay at the end of the 5 years? $770.00 $2215.13 $2117.96 $77,000 $1870.00
A)Answer B) C) D)
3. How much interest is earned in 5 years on $2,900 deposited in an account paying 7.1%...

...Chapter 5, 6 Review
1. You invested $1,650 in an account that pays 5 percent simple interest. How much more could you have earned over a 20-year period if the interest had compounded annually?
A. $849.22
B. $930.11
C. $982.19
D. $1,021.15
E. $1,077.94
2. Today, you earn a salary of $36,000. What will be your annual salary twelve years from now if you earn annual raises of 3.6 percent?
A. $55,032.54
B. $57,414.06
C. $58,235.24
D. $59,122.08...

...13.1 CompoundInterest
• Simple interest – interest is paid only on the
principal
• Compoundinterest – interest is paid on both
principal and interest, compounded at regular
intervals
• Example: a $1000 principal paying 10% simple
interest after 3 years pays .1 3 $1000 = $300
If interest is compounded annually, it pays .1
$1000 = $100 the first...

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