Spring 10 Exam 1

# Spring 10 Exam 1 - Math 1300 Spring 201"0 Exam L...

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Math 1300 Spring 201"0 Exam L February 10, 2010 6:30-7:30pm No Work : No Credit Name: SOLUTIONS- Student Number: Signature: Instructor: Section: Instructions: Answer all questions and show all of your work. Answers which are not justified with appropriate work will receive 0 points. Calculators are permitted, but graphing calculators are not permitted. Students who cheat will receive zero points on the exam and will be subject to the university's disciplinary procedure for academic dishonesty. Cheating includes, but is not limited to, looking at any other student's exam, looking at any books or notes during the exam, or using any electronic device for any purpose other than doing arithmetic. For example, you may not use cell phones, cal- culators, or any other electronic device during this exam to graph equations or obtain mathematical formulas. Problem Points Student's Score I I t 7 3 I 4 10 5 26 6 22 7 13 8 8 Total: 100 Potentially Helpful Formulas I : Prt A: P(\ + rt) A: P(l * i.)" A:pe,t Apy :(I+i)^ -I Apy :e, -I FV : i(1+ i)" - 11 '*' PV : f 1 - (1+ i)-"1 "' LilLil ...show all work...show all work...show all work...show all work...show all work...show all work...

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Math 1300 Spring 2010 Exam 1 No Work : No Credit Name: SOLUTIONS Student Number: 1. (7 points) The example below was pubtished by H&R Block in 2008 to illustrate a typical Refund Anticipation Loan distributed on a prepaid credit card called an "H&R Block Emerald Card." Starting with the amount of the refund, the bank will deduct tax preparer fees, the Refund Account Fee and bank finance charges. The client will be given an Emerald Card credited with the remaining refund amount as an RAL. Here is the example: Anticpated Refund \$3000 Minus Tax Preparer Fees -\$165.00 Minus Bank Refund Account Fee -\$29.95 Minus Bank Finance Charge -\$32.19 Amount Recieved as RAL \$2,772.86 Taking into account all listed charges and fees, and supposing that the refund is paid by
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