Finite Math

Please see the attached file for the fully formatted problems. Please do all except 7,12,18.
1. Find the sum of the first five terms of the geometric sequence.

a = , r = 2
A)
B)
C)
D)
2. Find the compound interest earned by the deposit. Round to the nearest cent. $15,000 at 4% compounded quarterly for year
A) $1224.00
B) $301.50
C) $1200.00
D) $297.06

3. Find the compound interest earned by the deposit. Round to the nearest cent. $6000 at 4% compounded semiannually for 8 years
A) $2211.41
B) $1920.00
C) $1029.96
D) $2236.71

4. Find the indicated term of the geometric sequence. a = 3, r = 2; Find the 5th term.
A)
B) 1296
C) 16
D) 48

5. Find the sum of the first five terms of the geometric sequence. a = 1, r = 2
A)
B)
C) 31
D)

6. Find the actual interest rate paid, to the nearest tenth, on the simple discount note. $3600; discount rate 4%; length of loan 3 mo
A) 5.0%
B) 6.0%
C) 3.0%
D) 4.0

7. Find the value.
A) 25.783
B) 24.297
C) 74.297
D) 22.841

8. Solve the problem. Mark Golden needs $7115.57 to pay for remodeling work. His bank loans money at a discount rate of for Find the face value of a loan so he will have
A) $8040.60
B) $7603.00
C) $7610.24
D) $7115.57

9. Solve the problem. A note with a face value of $8900 was discounted at If the discount was find the length of the loan in days.
A) 237 days
B) 210 days
C) 270 days
D) 240 days

10. Find the present value of the ordinary annuity. Payments of $84 made quarterly for at 8% compounded quarterly
A) $2259.82
B) $2312.98
C) $824.72
D) $824.04

11. Find the periodic payment that will render the sum. S = $65,000, interest is 4% compounded annually, payments made at the end of each year for
A) $6110.96
B) $5284.68
C) $12,000.77
D) $3904.96

12. Find the value.
A) 15.026
B) 16.627
C) 18.292
D) 41.627

13. Find the proceeds. Assume 365 days in a year. Round to the nearest cent.

$459; discount rate 13%;
length of loan 363 days
A) $399.66
B) $399.33
C) $399.82
D) $59.34

14. Find the sum of the first five terms of the geometric sequence.

a = , r = 2
A)
B) 93
C) 5
D)

15. Find the indicated term of the geometric sequence. a = 2, r = 2; Find the 13th term.
A) 4096
B) 32,768
C) 8192
D) 16,384

16. Find the indicated term of the geometric sequence.

a = , r = ; Find the 8th term.
A)
B)
C)
D)

17. Find the effective rate corresponding to the given nominal rate. Round results to the nearest 0.01 percentage points.

9% compounded monthly
A) 1.81%
B) 9.38%
C) 9.31%
D) 9.20%
18. Find the value.

A) 15.8027
B) 23.9975
C) 16.1929
D) 16.0025

19. Find the future value of the ordinary annuity. Interest is compounded annually, unless otherwise indicated.

R = $1000, i = 0.06, n = 11
A) $13,180.79
B) $14,971.64
C) $31,638.31
D) $2984.75

20. Find the actual interest rate paid, to the nearest tenth, on the simple discount note. $1000; discount rate 7.8%; length of loan 6 mo
A) 10.1%
B) 9.1%
C) 7.1%
D) 8.1%

21. Find the effective rate corresponding to the given nominal rate. Round results to the nearest 0.01 percentage points.

14% compounded monthly
A) 14.49%
B) 14.93%
C) 3.82%
D) 14.75%

22. Solve the problem. Novelties-and-Such borrowed for and paid in interest. Find the rate of interest on the loan.
A) 16.0%
B) 15.7%
C) 15.5%
D) 15.0%

23. Find the compound amount for the deposit. Round to the nearest cent. $1050 at 12% compounded annually for 18 years
A) $8074.46
B) $3192.00
C) $3318.00
D) $7209.34

24. Find the present value of the future amount. Assume 365 days in a year. Round to the nearest cent.

$24,000 for 107 days; money earns 3%
A) $23,790.77
B) $209.23
C) $23,300.97
D) $23,792.71

25. Find the effective rate corresponding to the given nominal rate. Round results to the nearest 0.01 percentage points.

3% compounded quarterly
A) 3.02%
B) 3.03%
C) 3.04%
D) 3.00%