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Fall_2005_ACTSC231_Final_Exam - Fall 2005 ACTSC231 Final...

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Fall 2005 ACTSC231 Final Exam #1. a) The number of fruit flies in a certain lab increase at the compound rate of 4% every 40 minutes. If there are 100,000 fruit flies at 1 pm today, what will be the increase in the number of flies between 7 am and 11 am tomorrow? b) At what time will there be 200,000 flies in the lab? #2. It costs the CNR $100 at the beginning of each month to maintain a level-crossing gate system on University Avenue. How much can CNR contribute to the cost of an underpass which will eliminate the level-crossing system if money is worth 6% per annum effective? #3. A couple is considering a mortgage loan of $90,000 at i^(2) = 6%. If the couple can afford to pay $1000 at the end of each month on the mortgage loan, how many full payments will be required and what will be the final (smaller) payment one month after the last full payment? #4. Part of an amortization schedule shows: Payment Interest Principal Outstanding Balance 160.07 438.33 161.67 a) If i% is an integer value, find i.
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