MTH112ModelAnswerMidTermSpring2017.docx - October...

This preview shows page 1 - 2 out of 5 pages.

October University for Modern Sciences & Arts (MSA) Faculty of Management Sciences Module Title: Basic Mathematics Mid Term Exam - Spring 2017 Module Code: MTH112 Model Answer Answer all questions: (Total Marks 100) Problem 1: (30 marks) A family wants to begin saving for a trip to Europe. The family wants to accumulate $10,000 for the trip, so they decided to invest $5,000 in an account which earns interest at a rate of 12% per year compounded quarterly. a) How long will it take the family in order to accumulate the $10,000 needed to make the trip?(round your answer to the nearest year) (22 marks) mt m r P A ) 1 ( t 4 ) 4 12 . 0 1 ( 000 , 5 000 , 10 years t t t 6 862 . 5 03 . 1 ln 4 2 ln ) 03 . 1 ( 2 4 b) How much money should they invest today in the same account if they want to make the trip 3 years from now?(round your answer to the nearest dollar) (8 marks) $ 014 , 7 7988 . 7013 ) 4 12 . 0 1 ( 000 , 10 ) 3 ( 4 P P ) 1 ( rt P A mt m r P A ) 1 ( rt Pe A m r i / mt n 1
Image of page 1

Subscribe to view the full document.

October University for Modern Sciences & Arts (MSA)
Image of page 2
You've reached the end of this preview.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern