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06Econ Test 3

# 06Econ Test 3 - Engineering Economics MIME 2600 Test 3...

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Engineering Economics – MIME 2600 Test 3, April 7, 2006 Name:___________________________________________ HW#:________ (Last, First) Open Book, Closed Notes, 50 Minutes 17 Questions, Multiple Choice Write your name on both test and bubble sheet- Don’t forget to bubble in your name Hand in both test and bubble sheet. Keep your answer sheet covered Problem A: Determine the effective annual interest rate for the following questions: 1) 18% (APR) compounded annually. a) 18% b) 18.81% c) 19.56% d) 19.72% 2) 18% (APR) compounded semiannually. 3) 18% (APR) compounded monthly. 4) 18% (APR) compounded continuously. 5) What is the future value of \$100 today, when compounded for 10 years at an interest rate of 10% (APR) compounding annually? a) \$259 b) \$312 c) \$446 d) \$458

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Problem B: In the year 2000, your favorite coffee cost \$2.00 a cup in 2005 the coffee costs \$4.00 a cup.

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