Timed Practice Final 1Math 1030 - Dylan Zwick’s C lassFall 2007Name:Savings Plan FormulaA = P MT (1 +AP Rn)nY− 1(AP Rn)!Loan FormulaP MT =P (AP Rn)1 − (1 +AP Rn)−nY1Part 1 (30 points) There a re five questions and each question is worth 6points.1. You plan to travel to Beirut and you are practicing how to deal withdifferent measurement systems. Consider the following situation.Suppose dates are priced at 800 Leba nese Pounds (currency) per kilo-gram. What is the price of these dates in U.S. dollars per pound(weight) if one U.S. dollar is worth 1,512 Lebane se Pounds (currency)and 1 kilogram is 2.2 p ounds (weight).2. If you deposit $7000 today and you can get an APR of 6% com-pounded continuously, how much will you have in 19 years?3. Between July 2007 and August 2007 U.S. oil imports fell from 423,988barrels to 421,565 barrels. What percentage change is this from Julyto August?24. A cylinder ha s a surface area of 628.3in2and a volume of 1178.1in3. Ascale model of the cylinder is created that has a width of 15in. Whatwill be the surface area and the volume of the model?5. Your apartment is worth $90, 000. If the value of the apartment isincreasing at a rate of 2.5% per year, how much will your apartmentbe worth 20 years from now?Does this situation represent a linear or exponential model? Why?3Part II (70 points) - There are 7 questions and each question is worth 10points.1. On Halloween you set of trick-or-treating with 5 candie s in your bag.For each hour of trick-or-treating you receive another 10 candie s.(a) Identify the independent and depe nd ent variables:(b) Write a linear equation that describes the situation.(c) How long does it take for you to have 27 candies?42. An empty water tank is in the shape of a cylinder with a radius of 1meter and a height of 2 meters. Water flows into the tank at a rate of3 cubic yeards per second. How many minutes will it take until thetank is full? 1 meter = 1.094 yards.3. A bacteria culture has a doubling time of 2 hours.(a) How long will it take for the bacteria population to triple insize?(b) If there are initially 2 bacteria, find the population after 7 2 hours.54. You ha ve a blood alcohol content at 10:00 PM of .07. A brethalizer at2:00 AM says you have a blood alcohol content of .05.(a) Assuming the blood alcohol content decays exponentially, whatis its rate of decrea se?(b) What is the exact half-life of the alcohol in your bloodstream?5. A savings account pays an annual percentage rate of 4% compoundedmonthly.(a) Find the annual percentage yield on this account.(b) You decide that you would like to make regular monthly de-posits to this account since you would like to have $750, 000when you retire in 35 years. How much should your monthlydeposits be in order to accomplish your goal?66. Of the 206 movies that were rented today from a B lockbuster store112 were comedies, 80 were dramas, 64 were action. Moreover, 3were all three types, 15 we re drama/comedies, 21 were action/comedies,and 51 were just d rama s.(a) Draw a Venn diagram to illustrate this information. Use thesymbols D, C, and A to represent the set of drama, comedy andaction movies, respectively, that people rented.(b) How many people rented movies that we re just comedie s?7. You have found that you are eligible for a 35 year house loan withannual interest rate (APR) of 6.75% compounded monthly.(a) If you take out this loan for $450, 000, what will your monthlypayment be?7(b) How much will you pa y in interest (in $ terms) over the life ofthe loan if you take out this loan for $450, 000?(c) If you decide instead to get a 15-year loan at the same rate forthe same amount, what would your monthly payment be andhow much would you save (in dollars) in interest (if you de-cided to take a 15 year loan instead of 35 year
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