Reference no: EM133164564
Questions -
Q1) Casey receives an annual salary of $36 944.00, is paid monthly, and works 35 regular hours per week. Overtime is paid at time-and-a-half regular pay. (i) What is his hourly rate of pay? (ii) How many hours overtime did Casey work during a month for which his gross pay was $3387.20?
Q2) A company that makes cell phones has the following cost structure. They have fixed costs of $155 000 per period and manufacturing costs of $15.16 per cell phone. Advertising is expected to be $25 000 per period and a special promotional contest will involve providing a free case for a cost of $5.30 per cell phone. Each cell phone sells for $49.95. What is the break-even point in the number of phones?
Q3) What amount must be remitted if invoices dated July 25 for $949, August 10 for $783, and August 29 for $884, all with terms 3/20, n/40, are paid together on August 30?
Q4) Payments of $900 each are made at the end of each year for 5 years to a savings account. Find the accumulated value or future value of the account at the end of 5 years. The interest rate is 6% compounded annualy.
Q5) A deposit of $3,500 earns interest at 3% p. a. compounded quarterly. After two-and- a- half years, the interest rate is changed to 2.75% compounded monthly. How much is the account worth after six years?
Q6) Jennifer Richards went to her credit union to borrow $4,500 at a rate of 7.93 % p.a. The date of the loan was September 7. Jennifer hoped to repay the loan on January 15. How much will Jennifer pay on January 15 if she pays off the loan on that date?
Q7) Saving for his retirement 25 years from now, Tom Kimble set up a savings plan whereby he will deposit $ 25 at the end of each month for the next 15 years. Interest is 6.6% compounded monthly. How much money will be in Mr. Kimble's account on the date of his retirement?
Q8) A vacation property is bought for $4000 down and payments of $1250 at the end of each six months for 12 years. The interest rate is 7% compounded semi-annually. If the vacation property is bought by paying full amount in cash, what is the cash value of the property?
Q9) A $4300 bond bearing interest at 6.5% payable semi-annually matures in ten years. If it is bought to yield 5.8% compounded semi-annually, what is the purchase price of the bond?
Q10) At the end of each year, Mr. Fox deposits $2800 in an RRSP. The interest rate is 7.2%/a, compounded annually. He contributes to this RRSP for 20 years, at the end of which time he retires. Upon retiring, Mr. Fox decides to transfer and reinvest all of this RRSP to another saving account called RIF. The interest rate for the RIF is 8.4% p.a, compounded quarterly. Mr. Fox wishes to deplete the RIF fund after 15 years. Then what will be the quarterly payment from the RIF?
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