Name:Exam 2• Do the following problems on the paper given.• Show all work – the more work you show, the more partial credit you’ll get!• Make sure you include units on all of your answers!Here are some formulas you might find helpful:• Savings Plan Formula:A = PMT ×h1 +APRn(nY )− 1iAPRn• Loan Payments Formula:PMT =P ×APRnh1 −1 +APRn(−nY )i11. Your friend Bobby has always wanted to be an astronaut, so he is looking at spaceshipprices, even though he can’t afford one. A Soyuz rocket costs $20 million, while anair-launched moon rocket costs $50 million.Given the following sentence:A Soyuz rocket costs percent than an air-launchedmoon rocket.(a) What is the reference value?(b) What is the absolute difference?(c) Fill in the blanks.2. Bobby is looking to open a savings account so that he can put himself through astronautschool. He will be depositing $25,000.(a) One option is an account that makes 8% APR, compounded quarterly. How muchwill he have in 10 years?2(b) How much will he have after just one year? What is the APY?3. Instead of having to wait years and save up lots of money to pay for astronaut school,Bobby has decided to take out a loan for $100,000.(a) If he takes out a loan with a 20 year term and an APR of 3%, what will hismonthly payments be?(b) After he’s made his student loan payments, Bobby still has $100 left over everymonth. He decides to start saving his extra money in an account that makes 5%APR. How much will he have after 15 years?34. The manned spaceflight industry is in a rut right now, so Bobby is having troublefinding a job as an astronaut. To make some extra money on the side, he startsfarming mealworms (a type of grub often used as bait and pet food).(a) The number of mealworms in Bobby’s mealworm farm grows by 3% per day. Howlong will it take for their population to double?(b) Bobby just scored a huge mealworm contract with Bob’s Bait Emporium! Howmany mealworms does he need to have now if he needs 100,000 mealworms in sixmonths? (You can assume that a month is 30 days.)45. Bobby’s friends are so grossed out by his mealworm farm that they stop hanging outwith him. He has 8% fewer friends every month. Right now he has 80 friends.(a) How long will it be before he has 40 friends? How long before he has 10?(b) Bobby can’t get rid of his mealworm farm for another six months. How manyfriends will he have left then?56. Bobby finally got a job as an astronaut! He is going to Mars and will be gone for 5years. All of his friends come back, and give him a going-away present of $5,000. Heputs it in a CD that makes 5% APR, compounded continuously. How much moneywill he have when he gets back?7. It’s the day of the rocket launch. Today Bobby will be flying from Florida to theInternational Space Station. The flight starts at 1:00PM at 0 miles above sea level,and ends at 3:00PM at 200 miles above sea level. Imagine the function describingBobby’s altitude at a given time.(a) What is the independent variable?(b) What is the dependent variable?(c) What is the domain of the function?(d) What is the range of the
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