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MA373 S10 Quiz 1 Solutions

# MA373 S10 Quiz 1 Solutions - QUIZ 1 Math 373 Spring 2010...

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Unformatted text preview: QUIZ 1 Math 373 Spring 2010 . You are given: a(t) = 1 + 0.01t + 0.005t2 ~Ca1cu'larte‘the'a'nnua| effective‘interest'rate’during‘the ’sixth year which is “5,51. (gm-gay 4215,43 ’ 2. Allison invests 1000 at a simple interest rate of 4%. Kristin invests 1000 at a compound interest rate. _ At the end of 25 years, Allison and Kristin have the same amount of money. Calculate the annual effective interest rate earned by Kristin. ,Zl {Ham lief Wen) W t t (/9 mac) <2 (25> v“;- 2 51 /000 aiﬁ); loco [/ +- (“tot/X256): 10mg [/0470 (Magi: 2,000 r , (1+4): ‘5’ 2’ ‘/z 1) y; >/, e 2. 8H3 8277 34> 3. Matthew’s father has agreed to pay him 25,000 as a graduation gift at the end of4 years. At an annual effective interest rate of 7%, calculate the present value of Matthew’s gift. . LP / :3: WW 3‘; (150CDCDVM)? 930006,?» [9,072.38 4. You are given that the annual rate of interest for both simple interest and for compound interest is 6%. Complete the following table: ' . _ l . Simple Interest Compound Interest ...
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