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MA373 S11 Quiz 1-1

# MA373 S11 Quiz 1-1 - Math 373 Spring 2011 Quiz 1 1 Jacob...

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Math 373 Spring 2011 Quiz 1 January 27, 2011 1. Jacob invests 1000 in an account earning simple interest of 4%. Cassie invests X in an account earning 2% compounded annually. In year Y, Cassie and Jacob earn the same annual effective interest rate. At the end of year Y, the amount of money in Cassie’s account is equal to the amount of money in Jacob’s account. Determine X.

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2. Patricia is the beneficiary of the Buling Trust and she is entitled to a payment of 100,000 at the end of 10 years. Patricia calculates the present value of the payment using: a. A nominal rate of 6% compounded monthly for the next three years;

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MA373 S11 Quiz 1-1 - Math 373 Spring 2011 Quiz 1 1 Jacob...

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