Exam 4: Managing Money

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Solve the equation for the unknown quantity. - 9x2=1024x9 x - 2 = 102 - 4 x

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Decide whether the statement makes sense. Explain your reasoning. -We will never be able to send our daughter to college. In order to have $100,000 in 20 years we would have to save at least $500 each month, That's more than we can afford.

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Answer the question. -Suppose you are 25 years old and would like to retire at age 65. Furthermore, you would like to have a retirement fund from which you can draw an income of $192,644 per year-forever! How Can you do it? Assume a constant APR of 4%.

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Decide whether the statement makes sense. Explain your reasoning. -Jose's car gets about 20 miles to the gallon. He is thinking of buying a new fuel-efficient car which gets 40 miles to the gallon and which costs $25,000. He reasons in this way: " I drive about 300 miles per week. Gas costs about $3.50 per gallon. That means I'll save $1365 per year on gas. That means that if gas remains at $3.50 per gallon it will be about 18 years before the car has paid for itself. I don't think I can justify buying the new car. "

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Solve the problem. -Budget Summary for the Wonderful Widget Company (all amounts in thousands of dollars) Total Receipts 2001 2002 2003 2004 Outlays \ 854 \ 908 \ 950 \ 990 Operating 525 550 600 600 Employee Benefits 200 220 250 250 Security 275 300 320 300 Interest on Debt Total Outlays 1000 1082 1196 1197 Surplus/Deficit -146 -174 -246 -207 Debt (accumulated) Assume that , for 2005, total receipts are $1,058,586, operating expenses are $531,674, employee benefits are $189,561, security costs are$133,107, and interest on debt is $63,000. Calculate the Year-end surplus or deficit.

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Solve. -Determine how much of the total loan payment applies toward principal and how much applies toward interest for a student loan of $61,811 at a fixed APR of 5% for 12 years.

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Write the word or phrase that best completes each statement or answers the question.Decide whether the statement makes sense. Explain your reasoning. -Niyas is starting a college fund for his 4-year old daughter. He will invest money in a savings account and the money will remain in the account for at least 15 years. The bank told him that an account offering an APR of 7% compounded annually was a better deal than an account offering simple interest at 8% per year.

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Complete the sentence: On an annual basis the first set of expenses is ____ % of the second set of expenses. -George spends $18 per week at the movies and $550 per month on rent.

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Decide whether the statement makes sense. Explain your reasoning. -Sam is in the 15% tax bracket, so a $500 tax credit will reduce his total tax bill by 0.15×$500=$750.15 \times \$ 500 = \$ 75

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For the given principal, interest rate, and time period, determine the amount of interest that would be earned in anaccount paying simple interest. Also determine the amount of interest that would be earned in an account payingcompound interest with interest compounded annually. Determine how much more interest would be earned in theaccount paying compound interest. Round to the nearest cent. -Principal: $950 Rate: 3% Years: 6

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Compute the total and annual returns on the described investment. -Five years after paying $15,487 for shares in a new company, you sell the shares for $7342.

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Solve. -Calculate the monthly payment for a home mortgage of $117,000 with a fixed APR of 4.3% for 30 years.

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Decide whether the statement makes sense. Explain your reasoning. -The government has been borrowing from the Social Security trust fund for many years. This will cause a problem when it has to pay out more in Social Security benefits than it collects in Social Security taxes. Sally, who graduated college in 2005, says that it won't happen in her lifetime but that it might happen in her children's lifetime.

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Solve the equation for the unknown quantity. - x+10=17x + 10 = 17

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Use the compound interest formula for compounding more than once a year to determine the accumulated balance afterthe stated period. - $12,000\$ 12,000 deposit at an APR of 3%3 \% with daily compounding for 10 years

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Decide whether the statement makes sense. Explain your reasoning. -Maria saved $1750 in taxes after donating $5000 to charity. So Maria's sister also donated $5000 to charity thinking that she would save $1750 but she only saved $750.

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Write the word or phrase that best completes each statement or answers the question.Decide whether the statement makes sense. Explain your reasoning. -The total return on the account over 10 years was 60%. So the annual return was 6%. That means if we had received an APY of 6% for 10 years, that would have amounted to the same thing.

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Evaluate or simplify the following the expression. - 434 ^ { - 3 }

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Provide an appropriate response. -_________ loans differ from installment loans in that you are not required to pay off your balance in any set period of time.

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Solve the equation for the unknown quantity. - 7x+8=5x+227 x + 8 = 5 x + 22

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