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21
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Aahil and Zuri each invest $⁢4,000 Aahil puts his money into a simple interest account with an annual rate of 3.5% Zuri chooses an account that offers continuously compounded interest at a rate of 3% Determine how many years it will take for Zuri's continuously compounded interest account to surpass Aahil's simple interest account in terms of balance. After how many years will Zuri's balance exceed Aahil's? Simple Interest Formula: A=P⁢(1+r⁢t) Continuously Compounded Interest Formula: A=P⁢e^r⁢t The value of e , also known as Euler's number, is approximately 2.71828

A
Zuri's balance will exceed Aahil's balance after the 15th year.
B
Zuri's balance will exceed Aahil's balance between the 10th and the 12th year.
C
Zuri's balance will exceed Aahil's balance between the 12th and the 15th year.
D
Zuri's balance will exceed Aahil's balance before the 10th year.
22
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A landlord wishes to insure a rental property worth $⁢500,000 with a policy that has an annual rate of 0.7% What is the annual premium for this insurance?

A
3 dollars comma 500
B
3 dollars comma 000
C
3 dollars comma 250
D
2 dollars comma 750
23

The National Science Foundation (NSF) offers grants to students who are interested in pursuing a college education. The student must be enrolled full time ( 12 credit hours or more), and hold a grade point average of 3 point 8 The NSF will pay 9 dollars comma 500 per year towards tuition for 4 years. The initial amount is placed into an account paying 7 point 8 percent compounded annually, and the tuition is drawn from the account until the remaining balance is zero dollars. Determine the initial amount invested by the NSF. Round your answer to the nearest dollar.

A
38 dollars comma 000
B
35 dollars comma 036
C
31 dollars comma 606
D
30 dollars comma 000
24

A graphic design student purchases software for $360 , expecting it to have no resale value after 3 years due to technology advancements. What is the straight-line depreciation equation for the software?

A
D⁡(t)=360−120⁢t
B
cap d times t is equal to 360 plus 120 t
C
D⁡(t)=300−100⁢t
D
D⁡(t)=360−100⁢t
25

A deposit of $1,500 has an annual interest rate of 4% and is compounded monthly. How much will the investment be worth at the end of 3.75 years? A=P⁢(1+(r)/(n))^n⁢t

A
1 dollars comma 742 point 3 2
B
1 dollars comma 502 point 2 5
C
6 dollars comma 560 point 1 1
D
8 dollars comma 761 point 7 6
26

Jaelynn has a credit score of 710 , while Orion's credit score is 650 They both apply for a refinancing loan from Best Rate Bank. Jaelynn is approved at an interest rate of 3.5% Orion is approved at a rate that is 1 percentage point higher than Jaelynn's due to her slightly lower credit score. What interest rate is Orion charged?

A
2 point 5 percent
B
4 point 5 percent
C
3 point 5 percent
D
3 point 2 5 percent
27

An investor is putting $⁢20,000 into stocks and bonds. He would like the ratio of stocks to bonds to be 1 to 3 Which equation can he use to find the amount to invest in bonds, x ?

A
13=x20,000 + x
B
13=20,000 + xx
C
13=20,000 − xx
D
13=x20,000 − x
28

Cayden runs a cafe and recorded the expenses for coffee beans in two consecutive weeks. One week, the coffee beans cost $⁢50 The next week, she spent $⁢58 on coffee beans. What is the percent increase in expenses for coffee beans from one week to the next?

A
1 point 6 percent
B
8 percent
C
0 point 8 percent
D
16 percent
29

Which feature is part of an adjustable-rate mortgage (ARM)?

A
The monthly payment is based on a borrower's income level.
B
The interest rate remains fixed for the life of the mortgage.
C
The interest rate changes at specified intervals based on market indices.
D
The mortgage term is fixed, but the payment schedule is adjustable.
30

Including all fees, what was Alec's balance after week 4 ?

A
410 dollars
B
404 dollars
C
389 dollars
D
354 dollars
31

A ramp currently has a length of 24 feet and forms an angle, θ_1 , of 30° with the ground. To comply with new safety standards, the ramp needs to be extended to 40 feet (as illustrated by Ramp 2), while the height of the dock remains unchanged at 12 feet. Adjusting the ramp incurs a cost of $⁢50 per degree of change. What will be the total cost to implement this adjustment?

A
627 point 1 2 dollars
B
313 point 5 6 dollars
C
1 dollars comma 200 point 0 0
D
2 dollars comma 000 point 0 0
32

Based on the graph, how much did Nina earn as a bonus on her first day before assembling any craft kits?

A
3 point 0 0 dollars
B
1 point 2 5 dollars
C
4 point 2 5 dollars
D
0 point 0 0 dollars
33

Using the formula for Percent Allocation: percent allocation=(total amount of component)/(total amount for comparison)⋅100% What percentage of the student's expected income was allocated for rent?

A
30 point 7 7 percent
B
32 point 0 0 percent
C
40 point 0 0 percent
D
66 point 6 7 percent
34

By making minimum payments, how much has the balance been reduced from Month 0 to Month 3 ?

A
97 point 4 3 dollars
B
107 point 2 0 dollars
C
102 point 5 7 dollars
D
100 point 0 0 dollars
35

According to the segmented bar graph, which behavior is most favored by drivers on rural roads?

A
maintenance checks
B
use of eco-friendly fuels
C
all behaviors equally favored
D
carpooling
36

Helen sends a percentage of every paycheck to relatives living out of the country. She needs a bank that can automatically deposit the money into her relatives' account twice each month. Choose answers from each dropdown list to correctly complete the sentence. Helen would most likely choose [Dropdown 1] for her banking needs because [Dropdown 2] .

Answer:

TechCentral Online Bank|it has the lowest international wire transfer fee

37

Which bar graph correctly represents Tiana's monthly income from various sources? Open image in full-screen view

A
Image with description A graph titled Tiana's Monthly Income shows Sources of Income on the x-axis and Income Amount (in dollars) on the y-axis, labeled from 500 to 3,5000. There are four bars. The Article writing bar is around 1,500, followed by the Book royalties bar at about 800. The Guest lectures bar is at 3,150 and the Blog ad revenues bar is around 500.
B
Image with description A graph titled Tiana's Monthly Income shows Sources of Income on the x-axis and Income Amount (in dollars) on the y-axis, labeled from 500 to 3,5000. There are four bars. The Article writing bar is around 500, followed by the Book royalties bar at about 800. The Guest lectures bar is at 1,500 and the Blog ad revenues bar is around 3,250.
C
Image with description A graph titled Tiana's Monthly Income shows Sources of Income on the x-axis and Income Amount (in dollars) on the y-axis, labeled from 500 to 3,5000. There are four bars. The Article writing bar is around 3,150, followed by the Book royalties bar at about 1,500. The Guest lectures bar is at 800 and the Blog ad revenues bar is around 500.
D
Image with description A graph titled Tiana's Monthly Income shows Sources of Income on the x-axis and Income Amount (in dollars) on the y-axis, labeled from 500 to 3,5000. There are four bars. The Article writing bar is around 3,000, followed by the Book royalties bar at about 1,500. The Guest lectures bar is at 800 and the Blog ad revenues bar is around 500.
38

Tristan drives an older car with mechanical problems. He plans to buy a new car if he is ever in a collision, or if some other accident happens to the car. However, the law requires that he carries insurance with liability coverage. Choose the correct answers from the drop-down list to complete the sentence. Tristan should most likely consider [Dropdown 1] because [Dropdown 2] while still offering liability coverage.​​​​​​​

Answer:

Policy 4|is has the lowest premiums

39

Blair is 30 years old, has no at-fault accidents, drives a high-performance vehicle, and selects two additional coverages. What would her annual premium be after adjustments?

A
2 dollars comma 000
B
1 dollars comma 800
C
1 dollars comma 600
D
1 dollars comma 500
40

Given a student spends their allowance, what is the conditional relative frequency that their allowance is more than $50?

A
0 point 3
B
0 point 2 5
C
0 point 2
D
0 point 1 5

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N/A — Exam Answers — Financial Math