3. The amount of money in an account is given A=P (1 + R)^T by where P is the pr

Question

3. The amount of money in an account is given A=P (1 + R)^T by where P is the principal invested, r is the interest rate (as a decimal), and t is the time of the investment. Find the amount at the end of 3 years if $700 is invested at 9%. Round to the nearest cent.

A) $4801.30 B) $1330.00 C) $906.52 D) $763.00

4. A = P(1 + nr) for n

A) P-4/PR B) a-p/pr C) PR/A-P D) a/r

5. Barbara Smith is an employee of Allied Manufacturing Company. She has an 8-hr workday and each day is paid $0.60 for each unit produced or the hourly rate, whichever is greater. Her hourly rate is $7.15 per hour. Last week she produced 90 units on Monday, 97 units on Tuesday, 82 units on Wednesday, 112 units on Thursday, and 98 units on Friday. What were her gross earnings for the week?

A) $285.60 B) $296.60 C) $298.60 D) $307.60

6. On a new oak bookcase with a list price of $882, a series discount of 15/5/5 is offered to wholesalers while a series discount of 15/15 is offered to retailers. a) What is the wholesalers price? b) What is the retailer's price?

A) (a) $676.60; (b) $244.76 B) (a) $661.50; (b) $220.50 C) (a) $205.40; (b) $244.76 D) (a) $676.60; (b) $637.25

7) A company recorded its check #2754 in its accounting records as $98. However, check #2754 was actually written for $89 and it cleared the bank as $89. What adjustment is needed to the Cash balance per books?

A) Decrease by $9 B) Increase by $9 C) None Needed D) Refund of $9 to the check recipient

Explanation / Answer

3) A = P(1+R)^T

P = $ 700, R = 0.09, T = 3

A = 700(1+0.09)^3 = 700*(1.09)^3 = $ 906.52 Answer is option (C).

4) A = P(1+nr)

nr = A/P-1

n = A-P/Pr Answer is option (B).

5) Per day

Hourly rates Unit rates

Monday (8*7.15) = 57.20 90*0.60 = 54

Tuesday 57.20 97*0.60 = 58.20

Wednesday 57.20 82*0.60 = 49.20

Thursday 57.20 112*0.60 = 67.20

Friday 57.20 98*0.60 = 58.80

Adding the maximum for ead day, we got = (57.20 + 58.20 + 57.20 + 67.20 + 58.80) = $ 298.60. Answer is option (C)

6) a) Wholesalers price = 882*(1-0.15)*(1-0.05)*(1-0.05) = $676.60

b) Retailers price = 882(1-0.15)*(1-0.15) = $637.25 Answer is option (D).

7) Answer is (D) Refund of $9 to the check receipt.

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