Quantative Method

You are responsible for writing a monthly stockholders' report about your company. Your boss has given you the flexibility to round the numbers to tens, hundreds, thousands, or tens of thousands, depending on which is most beneficial for the company's image. For each of the following monthly figures, make a rounding choice.

(a)

84,469—number of items manufactured

 items

(b)

$234,632—your department's net sales for the month

$  sales

(c)

5,928—defective items manufactured

 defects

(d)

$639,342—total company profit

$  profit

(e)

119 new customers

 new customers

2.

Multiply the following numbers and verify your answer.

7,603  ✕ 93

3.

Multiply the fractions and reduce to lowest terms. Use cancellation whenever possible.

4

11

  ✕ 

5

9

4.

Brady White weighed 

198

1

2

 pounds

 when he decided to join a gym to lose some weight. At the end of the first month, he weighed 

192

1

8

 pounds.

 (Enter your answers as simplified mixed numbers.)

(a)

How much (in pounds) did he lose that month?

  

 pounds

(b)

If his goal is 

184

3

4

 pounds,

 how much more (in pounds) does he have to lose?

  

 pounds

5

Solve the equation for the unknown.

C

9

 − 2 = 10

Check your solution.

9

 − 2 = 10

6.

Set up and solve an equation for the following business situation.

Suppose one-sixth of the employees of a certain company work in the Southeastern region. If the company employs 246 workers in that region, what is the total number of employees working for the company?

 total employees

7.

Solve for the portion (in $). Round to hundredths when necessary.

8 

1

2

%

 of $400 is $  .

8.

Solve for the base. Round to hundredths when necessary.

What is the base if the rate is 16.4% and the portion is 452?

9.

Calculate the trade discount (in $). Round your answer to the nearest cent.

List Price	Trade Discount Rate	Trade Discount
$365.00	7%	$

10.

Calculate the trade discount and net price (in $) to the nearest cent.

List Price	Trade Discount Rate	Trade Discount	Net Price
$283.00	25%	$	$

11.

You are the manager of a camera store. Use the advertisement to answer the questions. (Round dollars to the nearest cent and percents to the nearest tenth of a percent.)

$129.99

$199.99

An advertisement shows two cameras for sale.

· The PowerShooter 1800 sells for $129.99.

· The CyberShooter 2400 sells for $199.99.

(a)

If the PowerShooter 1800 is marked up by $66.50, what is the cost (in $) and what is the percent markup based on cost?

cost$percent markup based on cost %

(b)

If the CyberShooter 2400 has a cost of $75.00, what are the amount of the markup (in $) and the percent markup based on cost?

amount of the markup$percent markup based on cost %

(c)

Which camera is more "profitable" to the store? Why?

The PowerShooter 1800 is more profitable to the store because it has a lower percent markup.The CyberShooter 2400 is more profitable to the store because it has a higher percent markup.    The CyberShooter 2400 is more profitable to the store because it has a lower percent markup.The PowerShooter 1800 is more profitable to the store because it has a higher percent markup.

(d)

What other factors should be considered in determining profitability?

12.

Calculate the missing information. Round dollars to the nearest cent and percents to the nearest tenth of a percent.

Item	Original Selling Price	Amount of Markdown (in $)	Sale Price	Markdown Percent
Suitcase	$67.00	$	$51.99	%

13.

Paul Curcio earns $7.35 per hour for regular time up to 40 hours, time-and-a-half for overtime, and double time for working on holidays. Find his gross pay (in $) if he worked 6 holiday hours for a total of 58 hours Monday through Saturday.

$ 

14.

Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.

What are the social security and Medicare withholdings (in $) for an executive whose annual gross earnings are $135,500?

Social Security$ Medicare$ 

15.

Anny takes out a loan of $1,800, at 6% interest, for 54 months. Use the formula 

MV =  P +  I

 to find the maturity value (in $).

$ 

16.

Find the amount of interest (in $) on a loan of $4,000, at 5% interest, for 80 days using the exact interest method. (Round your answer to the nearest cent.)

$ 

17.

Maria invests $4,600, at 6% interest, compounded quarterly for one year. Use  Table 11-1  to calculate the annual percentage yield (APY) for her investment (as a %). Note: "Annual percentage yield" is also known as "effective interest rate." (Round your answer to two decimal places.)

 %

18.

Inez wants to have $18,000 in 4 years. Use the present value formula to calculate how much Inez should invest now at 4% interest, compounded quarterly in order to reach her goal.

$15,120.00

$15,342.67    

$15,350.78

$15,386.48

19.

Use  Table 12-1  to calculate the future value (in $) of the annuity due. (Round your answer to the nearest cent.)

Annuity Payment	Payment Frequency	Time Period (years)	Nominal Rate (%)	Interest Compounded	Future Value of the Annuity
$70	every month	2 1 2	6	monthly	$

20.

Use  Table 12-1  to solve.

Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $130 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 18 months? (Round your answer to the nearest cent.)

$ 

21.

Note: Round all answers to the nearest cent when necessary.

Calculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan.

Purchase (Cash) Price	Down Payment	Amount Financed	Monthly Payment	Number of Payments	Finance Charge	Total Deferred Payment Price
$3,400	20%	$	$249.00	12	$	$

22.

Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $179.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent.

 %

23.

Using  this table  as needed, calculate the required information for the mortgage.

Amount Financed	Interest Rate	Term of Loan (years)	Number of $1,000s Financed	Table Factor (in $)	Monthly Payment (in $)	Total Interest (in $)
$79,500	8.00%	30		$	$	$

24.

James has a mortgage of $96,500 at 4% for 15 years. The property taxes are $3,700 per year, and the hazard insurance premium is $764.50 per year. Find the monthly PITI payment (in $). (Round your answer to the nearest cent. Use  this table  as needed.)

$ 

Georgia bought outdoor furniture for a total purchase price of $2,350.75. State taxes were 4.75%. Find the amount of the sales tax. (Round your answer to the nearest cent.)

$90.41

$106.60    

$111.66

$111.94

26.

As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.)

Name	Tax Liability	Tax Credits	Other Taxes	Payments	Refund/Owe (Select one)	Amount
Trent	$6,798	$1,331	$795	$7,600	---Select--- Refund Owe	$

27.

Yolanda wishes to obtain fire insurance for a rental property she owns. The building is valued at $420,000 and the contents are worth $625,800. Based on  Table 19-4 , what would be her total premium if the building has a structural classification of C and area rating of 1? (Round your answer to the nearest cent.)

$3,556.56

$3,659.46   

 $4,142.04

$4,224.36

28.

Based on the information in Jarred's auto insurance application, his agent has assigned Jarred to driver class 2 and placed his one-year-old car in model class R. The state where he lives requires minimum liability coverage of 50/100/50, and he also wants $250 deductible collision and full coverage comprehensive. Using  Table 19-6  and  Table 19-7 , find his total premium, if his state is in territory 4, and he has received a rating factor of 2.7. (Round your answer to the nearest cent.)

$332.29

$397.00    

$418.04

$1,071.90

29.

Suppose you own a mutual fund which has 19,000,000 shares outstanding. If its total assets are $42,000,000 and its liabilities are $5,000,000, find the net asset value (in $) of the fund. Round to the nearest cent.

$ 

30.

On March 1, Wayne Michaels bought 10 bonds from a particular company with a coupon rate of 9.925%. The purchase price was 89.875, and the commission was $8 per bond. Bonds from this particular company pay interest on February 1 and August 1.

(a)

What is the current yield (as a %) of the bond as of the purchase date? (Round your answer to one decimal place.)

 %

(b)

What is the total purchase price (in $) of the bonds? (Round your answer to the nearest cent.)

$ 

(c)

If Wayne sold the bonds on November 1 for 94.875, what are the proceeds (in $) from the sale? (Round your answer to the nearest cent.)

$ 

31.

Given this multiple-line chart, find the total number of chairs and sofas sold during June. (Note: All sales numbers are plotted to the nearest 10 units.)

A multiple-line chart titled "Sales of Sofas and Chairs" has a horizontal axis labeled "Month" with months from April to June and a vertical axis labeled "Number of sales" with values from 120 to 300.

· The line labeled "Chairs" contains a series of 3 points connected by line segments. The segments and the approximate points they connect are as follows. 

· The segments start at (April, 240), 

· go down and right to (May, 200), 

· and go up and right to stop at (June, 210).

· The line labeled "Sofas" contains a series of 3 points connected by line segments. The segments and the approximate points they connect are as follows. 

· The segments start at (April, 150), 

· go up and right to (May, 210), 

· and go down and right to stop at (June, 200).

32.

Use this component bar chart to find the number of tickets males received on Thursday.

A component bar chart titled "Speeding tickets written by Officer #103" with 3 bars is given. Each bar extends from left to right and is divided into 2 stacked sections. A description of the bars is as follows. The bar labels are given first, followed by each of the section labels and their respective starting and ending values.

· Friday: 

· Females: 0 to 1,

· Males: 1 to 4

· Thursday: 

· Females: 0 to 5,

· Males: 5 to 9

· Wednesday: 

· Females: 0 to 2,

· Males: 2 to 8