Final Review Test

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2:1How many ways are there to choose a soccer team consisting of 3 forwards, 4 midfield players, and 3 defensive players, if the players are chosen from 8

forwards,9

midfield players, and5

defensive players?

60,963,840

70,560

192

646,646Use the table below to calculate the tax owed. Round to the nearest cent. A married couple filing jointly with a taxable income of $500,000 and a $5,500 tax credit. Calculate the tax owed by a married couple filing jointly with a taxable income of $500,000 and a $5,500 tax credit.

Calculate the tax owed by a married couple filing jointly with a taxable income of $500,000 and a $5,500 tax credit.

$138,166.30

$143,666.30

$138,164.55

$195,822.003.

4. The principal P=$50is borrowed at simple interest rate r=5.25for a period of time t=8 monthsFind the simple interest owed for the use of the money. Assume 360 days in a year and round to the nearest cent.

$19.09

$5.25

$210.00

$17.50

5. The principal P is borrowed at simple interest rate r for a period of time t. Find the loan’s future value, A, or the total amount due at time t. Round answer to the nearest cent. P=$700r=5%,t=months

$717.50

$722.50

C.

$1,017.50

D.

$910.00

8. Solve the problem. Round to the nearest cent. Brad wants to have $17,00available to buy a car in 5 years. How much must he deposit now at 5.5compounded monthly to reach that goal?

$22,366.96

B.

$22,905.95

$12,920.84

D.

$12,395.17

9. Solve the problem. Round to the nearest tenth of a percent. A passbook savings account has a rate of 5%.

Find the effective annual yield if the interest is compounded daily. Assume 360 days in a year.

A.

5.3%

5%

5.1%

5.6%

10. Solve the problem. Round to the nearest dollar. Suppose that at age 25, you decide to save for retirement by depositing $95 at the end of every month in an IRA that pays 4.25compounded monthly. How much will you have from the IRA when you retire at age 65? Find the interest.

$146,390$100,790

$119,567$73,967

$12,735,807,037,023$12,735,806,991,423

$118,696$73096

11. Suppose that you decide to buy a car for $25,373including taxes and license fees. You saved $5,00for a down payment and can get a five-year loan at 6.55%. Find the monthly payment and the total interest for the loan.

$399$15,327

$399$3,567

$497$4,447

$595$15,327

14. Suppose your credit card has a balance of $5,700

and an annual interest rate of15%.

You decide to pay off the balance over three years. If there are no further purchases charged to the card,(a) How much must you pay each month?

(b) How much total interest will you pay?

Now suppose decide to pay off the balance over one year rather than three.

(c) How much more must you pay each month?

(d) How much less will you pay in total interest?

(a) $206

(b) $576

(c) $31more per month;

(d) $1,14less in total interest

(a) $206

(b) $1,716

(c) $31more per month;

(d) $1,14less in total interest

(a) $198

(b) $1,428

(c) $31more per month

(d) $96less in total interest

(a) $198

(b) $468

(c) $31more per month

(d) $96less in total interest

18. How many ways are there to choose a soccer team consisting of 3 forwards, 4 midfield players, and 3 defensive players, if the players are chosen from forwards, 9 midfield players, and 5 defensive players?

60,963,840

70,560

192

646,646

19. Use the empirical probability formula to solve the exercise. Express the answer as a fraction. Then express the probability as a decimal, rounded to the nearest thousandth, if necessary.

The accompanying table represents a random sample of the number of deaths per 100 cases for a certain illness over time. If a person infected with this illness is randomly selected from all infected people, find the probability that the person lives 3-4 years after diagnosis.

35650.538

71200.058

351000.35

1350.029

23. Solve the problem that involves probabilities with events that are not mutually exclusive.

An ice chest contains cans of apple juice, 4 cans of grape juice, 8 cans of orange juice, and 2 cans of pineapple juice. Suppose that you reach into the container and randomly select three cans in succession. Find the probability of selecting no grape juice.

9691771

685910626

41771

581412167

26. Solve the problem that involves computing expected values in a game of chance.

A game is played using one die. If the die is rolled and shows a 5the player wins $9If the die shows any number other than 5,

the player wins nothing. If there is a charge of $1 to play the game, what is the game’s expected value? Round to the nearest cent.

A.

$0.50

$8.00

$0.50

$1.00

 

 

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