Final Study Guide for AMDM

Simple Interest :How many year is required for $500 to grow to $800 at 1.5%?

Answer explanation

106.6 years

Determine the simple interest rate $1000 grow to $1200 in 5 years?

Answer explanation

24% or .24

Answer explanation

$1020

Answer explanation

$864

Buzz has a job that pays him $$$27 per hour.

Assume a working week of $$38 hours and there are $$52 weeks in a year.

Round your answers to the nearest dollar.

a. Calculate his weekly income.

b. Calculate his fortnightly income

c. Calculate his annual salary.

d. Calculate his monthly income.

Find the annual salary of a worker whose weekly pay is $307. Assume that there are 52 weeks in the year.

Answer explanation

$15964

Bill earns a salary of $37000 per year.

Give your answers to the following questions to the nearest cent.

a.What is Bill's weekly income?

b.What is his fortnightly income?

c. What is his monthly income?

d.Assuming a working week of $38 hours, what is Bill's hourly income?

For an hourly rate of $30, calculate the income earned, to the nearest cent, for working the following hours:

a.35 hours at normal rates and 6 hours at time-and-a-half

b.28 hours at normal rates and 5 hours at double time

c. 29 hours at normal rates, 9 hours at time-and-a-half and7 hours at double time

d. 8 hours at time-and-a-half and7 hours at double time

Compute the future value after 1 year for $100 invested at 4% interest compounded quarterly. What simple interest rate will yield the same amount in 1 year?

Answer explanation

$104.06

Ethan deposits $500 into a savings account at the end of every month for 4 years at 3% interest compounded monthly.

(a) Find the balance at the end of 4 years.

(b) How much money did Ethan deposit into the account? (c) How much interest did Ethan earn during the 4 years?