# math 5 - interest Find the interest rate 8 Find the time it...

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Practice Exam 2 1. Solve the following equations for x . i. 16 x +3 = 64 2 x - 5 ii. log 2 (5 x - 2) - log 2 ( x + 3) = 2 iii. ln( x + 2) = 2 2. Use the properties of logs to combine each of the following into one log. i. (3 x - 4) ln y + ln ( x + 2) - ln ( x 3 - x + 2) ii. 3 log 4 r 2 - 2 log 4 r 3. The quantity (in grams) of a radioactive substance present at time t is Q ( t ) = 1000 ( 5 - 0 . 3 t ) i. How much will be present in 6 months? ii. How long will it take to reduce the substance to 8g? 4. If your bank charges 5.6% interest compounded monthly, what is the eﬀective interest rate? What if the interest is compounded daily? 5. Find the present value of an ordinary annuity with quarterly payments of \$4,000 at 5% (compounded quarterly) for 10 years. 6. Vincent Vega decides to by a \$750,000 house. He puts 50% down and ﬁnances the rest by taking out a 20-year mortgage at 4% (compounded monthly). What are his monthly payments? 1

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7. A developer deposits \$84,720 for 7 months and earns \$4055.46 in simple
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Unformatted text preview: interest. Find the interest rate. 8. Find the time it would take for \$15,000 to triple with 3% interest com-pounded monthly. 9. Jules Winnﬁeld wants to have \$350,000 in 6 years. If he can earn 6.2% interest compounded semiannually, how much should he put away today? 10. Marcellus Wallace deposits \$95 at the end of each month into a savings account that pays 3% interest compounded monthly. After 12 years, how much is in his account? How much of it is interest he earned? 11. Jimmie Dimmick wants to save up for a car by putting money into a savings account at the end of each quarter. His bank oﬀers 4% compounded quarterly. If he wants to buy a \$10,000 car in 3 years, how much does he need to put away each month? 2...
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math 5 - interest Find the interest rate 8 Find the time it...

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