# Problem Set 2 Part 1

Problem Set 2 Part 1

8)For an investment of \$100,000 at 8% interest for 4 years, find (a) the simple

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interest, and (b) the compound interest if interest is calculated once per year.

Problem Set 2 Part 2

8) As part of his retirement planning, Mr. Martin purchases an annuity that pays

16.5% compounded quarterly. If the quarterly payment is \$1500, how much

will Mr. Martin have saved in 2 years?

Problem Set 2 Part 3

8) A house sells for \$270,500and a 15% down payment is made. A 30-yearmortgage at 7% was obtained.

(i) Find the down payment.

(ii)Find the amount of the mortgage.

(iii)Find the monthly payment.

(iv)Find the total interest paid.

Problem Set 3 Part 1

For your problem number draw a Venn diagram and then answer the three questions. 8) In a survey of 27 college students, it was found that 15 were taking an English class, 16 were taking a math class, and 6 were taking both English and math. How many students were taking a math class only? How many students were taking an English class only? How many students were

taking neither.

Problem Set 3 Part 2

8)Use inductive reasoning to conjecture the rule that relates the number you

selected to the final

Select a number:

Multiply by 3:

Divide by 3:

Subtract the original number

Problem Set 3 Part 3

8)Provided below are the sizes of 15 farms, in acres, randomly selected from the

state of Oregon. The mean of this sample is 497acres.

3200 286 525 189 523 418 334 518

160 140 85 138 279 525 135

a. Find the median of the sample and compare it to the mean and discuss the

difference.

b. Find the mean and the median if you throw out the

3200 acre farm which has the largest area by far. What does this tell you

2

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