- Add the fractions 1/3, 5/6 and 3/8 and reduce your answer to lowest terms.
=
=
=
2. Find the value of x in the equation 9(2x - 18) = 36.
18x – 162 = 36
18x = 36 + 162
18x = 198
x = 198 / 18
x = 11
3.Janet took a standardized test that contained 328 questions. She answered 75% of the questions. How many questions did she answer?
= 328 × 75%
= 246
4.A children's store sells a toy racetrack for $94.25. The owner uses a 45% markup based on cost. What was the wholesale price of the racetrack?
=
= $65
5.Eric works at a factory where he earns $9.24 an hour. He receives time and a half for overtime and double time for work on Saturday. He worked 52 hours this week, with 8 ours overtime and 4 hours on Saturday. What was his gross pay for this week, including overtime and double time?
Number of regular working hours = 52 – (8 + 4) = 52 – 12 = 40
Gross Pay = (40 × $9.24) + (8 × $9.24 × 1.5) + (4 × $9.24 × 2)
= $554.4
6.What is the simple interest on a $14,500 loan @ 9% interest for 5 years?
i = prt
i = $14,500 × 9% × 5
= $6,525
7.What would be the amount of compound interest on $8,000 invested for one year @ 6%, compounded quarterly? Round your answer to the nearest dollar.
FV =
P=principle
r = interest rate in decimals (.06)
n=number of times compounded per year
t =number of years
=
=
= $8,000 × 1.06136
= $8,490.91
Interest = $8,490.91 - $8,000
= $490.91
$491
- What would be the monthly payment on $100,000 mortgage at a rate of 81/2 % for 20 years?
Formula: =$100,000/(1-(1/((1+(0.085/12))^(20*12)))/(0.085/12)
= $100,000 /(1-(1/((1.00708))^(240)))/(0.007083)
= $100,000 /(1-(1/((5.44124))/(0.007083)
= $100,000 /(1-(0.183782))/(0.007083)
= $100,000 /(0.816218)/(0.007083)
= $100,000 /(115.231)
= $867.82
9.Find the median of the following set of numbers: 463, 582, 401, 533, 457, 514, and 438.
401 438 457 463 514 533 582
Median = 463
- Ted bought four lawn chairs for $22 each, a picnic table for $212, and an umbrella for $85. If the sales tax rate is 6%, what was his total bill?
(($22 × 4) + $212 + $85) × 1.06
= $408.10
Solve all three extended problems.
11.Mrs. Butler bought 1,800 shares of Stairwell Mutual Fund at an offer of $3 per share. She later sold the shares at a net asset value of $4.60 per share. During the time Mrs. Butler owned the shares, Stairwell Mutual Fund paid a dividend of $0.80 per share. What is Mrs. Butler's return on investment? Show all your work.
Total Amount Paid = 1,800 × $3 = $5,400
Dividends Received = 1,800 × $0.8 = $1,440
Amount Received = 1,800 × $4.60 = $8,280
Total Amount Received = $1,440 + $8,280 = $9,720
Return on Investment = ($9,720 / $5,400) - 1 = 0.8 = 80%
Use the table in Figure C- 1 to answer Question 2
THE CANDLESHOP - ANNUAL INVENTORY OF CANDLES
1-JanBeginning Inventory5,000 units @ $0.89
15-FebPurchase10,000 units @ $0.69
15-AprPurchase2,000 units @ $1.09
15-JulPurchase4,000 units @ $0.99
15-OctPurchase1,000 units @ $1.19
15-DecPurchase2,000 units @ $1.09
FIGURE C-1
12.Imagine that you're the manager of the Candle Shop. Figures C-1 contains your records of annual inventory figures for candles. Using the FIFO method of inventory pricing, what is the dollar value of ending inventory if there were 17,000 units on hand on December 31? Show all your work.
$15,030
Please see the attached excel sheet for calculations
Use the figure in C-2 to answer question 3.
CUSTOMER INVOICE
Stock NumberQuantityUnit Merchandise DescriptionUnit Price
24795150ea.Calculator$10.63
32678150ea.Stapler$4.95
8249380boxPencils$1.29
6702850boxErasers$2.48
7596225boxPaper$15.49
4975375boxPens$9.58
Note: Shipping charges are $110.10
FIGURE C-2
13. An invoice for office supplies is shown in Figures C-2. Based on the information in the invoice, calculate the invoice total. Show all your work.
$3,780.05
Please see the attached excel sheet for calculations