Compound Interest and Cellphone User
Entire Review Problems Cumulative- Practice 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. . 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 probability that: a) a cellphone user is selected b) a person under 25 is selected c) a person under 25 and a cellphone user is selected d) a person over 25 or a cellphone user is selected e) the person is over 25, given that (s)he is not a cellphone user If two people are selected from those polled, determine the probability that: f) they are both cellphone users g) at least one of them is a cellphone user ) at least one of them is 25 or over, given that they are both cellphone users 9. In a game of Subtract, two dice are rolled and the smaller number is always subtracted from the larger number. Put all the possible results on the chart shown below: Result| 1| 2| 3| 4| 5| 6| 1| | | | | | | 2| | | | | | | 3| | | | | | | 4| | | | | | | 5| | | | | | | 6| | | | | | | Determine the probability that: a) a score of 4 is rolled b) a score is greater than or equal to zero c) a score is greater than 5 d) a score is less than or equal to 4 e) a score is less than 2, given that one die shows a 3. ) The most likely score is rolled 10. Tel stock has gone up by 2%, up 15% and down 17% over the past three years. If the stock was originally valued at $10 per share, shown that the price has changed overall, even though the decreases and increases add up to 0% overall. Find the % increase or decrease over the three year period. 11. Forty percent of all car accidents involve alcohol. 80% of all drivers are over 25. Sixty percent of all accidents involving drivers age 25 or younger involve alcohol. An accident occurs. Find: a) the probability that a driver consumed alcohol and is over 25. ) the probability that a driver is over 25 given that he/she has consumed alcohol. c) the probability that she/he is 25 or younger and has not consumed alcohol. 12. Let t represent the number of years I have owned a car. Let y represent the value of the car. Assume a linear model applies. (see table below) a) Find the slope and explain what it represents b) Find the equation of the line c) Find the y intercept and explain what it means d) Fill in the missing values in the table. e) A second car I own has the formula y=-3000t + 29 910. When will the cars I own have the same value? t | y| 1| | 3| 20000| | 12365| | 7275| 13. A stock increases 6% annually each year for 8 years and is worth $80 per share at the end of that period of time. Find the original value when you purchased the stock if: a) the interest was calculated on the basis of simple interest. b) the interest was calculated based on compound interest. 14. A company claims that they can double their money in one year less if the interest rate is 10% per annum compounded daily versus 9% per annum compounded annually. Verify or dispute this claim showing your calculations. Answers: 1. 63 vans 2. a) CFO=5650 shares, CEO=7345 b) 8. 84 3. 1800 4. ) (2,-3) b) pt of intersection c) not shown 5. Parallel (same slope, different y intercept) 6. $793 (she makes 65 cents profit) 7. x=27 8 a) 43/64 b) 35/64 c) 15/32 d) 59/64 e) 16/21 f) 45. 1% g) 89. 25% h) 51. 35% 9. a) 1/9 b) 1 c) 0 d) 1/18 e) 5/11 f) 5/16 10. Lost 26 cents overall, 2. 6% 11. a) 28% b) 70% c) 8% 12. a) slope =-2545 means the car loses $2545 in value each year I own the car b) y=-2545t+27635 c) $27635= original price of car d)(1,25090), (8,7275) e) after 5 years, they are worth the same 13. a) $54. 05 b) $50. 19 14. It is true. In fact, it takes 1 year 39 days less time.