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MATH 110
EXAM #38
MAY 7, 2003
NAME ________________________ ___
SECTION __ _
SHOW ALL WORKI
Part I: For each of the following problems state the formula needed to solve the problem
and identify the value of each known variable. Then find the answer to the
question: A typical answer might be FV = 20,000(1 +.07112)48 = $26,441.08.
[5] 1. How much money should Lewis invest in an account which pays 4.2% simple
interest, so that his investment will be worth $3750 in 6 years?
[5] 2. Stacey invested $825 in a 148 day C.D. At the end of the 145 days her
investment was worth $900. What rate of simple interest did she receive?
1
INT = PVrt FV = PV(1 + rt) FV = PV(1 + :n )mt reff = (1 + r~m )m - 1
--------~--~------
[8] 3 (a) Patty invested $11,500 for 6 years in an account paying 3.9% per year,
compounded weekly. How much was her investment worth at the end
of the 6 years?
[4] (b) How much interest did she earn over the 6 years?
Part II
[8] 4. S is a sample space and E and F are...

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