MATH 120 FINAL EXAM STUDY GUIDE – Singleton – 014



MATH 179 FINAL EXAM STUDY GUIDE – Singleton – Fall 2011

FINANCE: Sections 5.1 – 5.4 (Test 1)

• Be able to find the principal or future value using simple interest; pmts for add-on interest loans

• Be able to find the present value (principal), future value, or interest earned of a single investment (lump) with compound interest.

• Be able to find the payment size, future value, or interest earned of an annuity.

• Be able to find payment size, loan amount (PV), or interest charged for a conventional (simple interest amortized) loan.

• Be familiar with the term “down payment.”

• Be able to compare compound interest rates for the best loan or investment opportunity (APY or Effective rate).

STATISTICS: Sections 4.1 – 4.4 (Test 2)

• Be able to organize data using a frequency table, with or without bins

• Be able to display data using pictographs, bar graphs, histograms, circle graphs, or broken line graphs.

• Be able to interpret data using mean, mode, 5-number summary, and box plot.

• Be able to draw and label a normal distribution curve.

• Be able to use a normal distribution curve to answer questions, given the mean and standard deviations.

MATH MODELS: Section 4.6 (Test 3)

• Be able to identify the independent and dependent variables.

• Be able to organize the given information as ordered pairs or in a table.

• Be able to graph the data using a scatter plot.

• Be able to find and interpret the slope (constant rate of change) and the y-intercept (initial value) in a linear model.

• Be able to find the initial value and the base for an exponential model.

• Be able to find the appropriate regression equation and correlation coefficient for a given set of data.

• Be able to graph the regression equation.

If you have no absences and fewer than 3 tardies for the semester, you will have 5 points added to your final exam grade. If you have only one absence, you will have 3 points added to your final exam grade.

If your final exam grade is higher than your lowest test grade, the final exam grade will replace the low test grade.

Math 179 Final Exam Review Only justified answers will be accepted.

1. Below are Alice’s and Betty’s scores on their five math tests. Compare the girls’ results by graphing Alice’s test scores with a bar graph and Betty’s with a broken line graph on one set of axes.

Alice: 97 63 85 90 72 Betty 86 79 84 78 80

| | | | | | |

|Small |[10, 20) | | | | |

|Medium | | | | | |

|Large | | | | | |

|X-Large | | | | | |

If the class sizes are designated “Small,” “Medium,” “Large,” and “X-Large,” complete a circle graph for the data:

[pic]

Complete a HISTOGRAM for the Class Size data:

| | | | | | |

|Cost | | | | | |

a. Model type: _____________ Why?

b. Equation: ______________________________

c. What will be the cost per item in 2010? ___________________

2. Mrs. S has found that the cost of her professional clothes is increasing by approximately 10% per item per year. In 2000, professional clothes cost approximately $50 per item.

A. Complete the following chart:

|Time |0 |1 |2 |3 |4 |

|Cost | | | | | |

B. Model type: _____________ Why?

C. Equation: ______________________________

D. What will be the cost per item in 2010? ___________________

3. Find the monthly payment needed to pay off a school loan of $20,000, borrowed at 2%, compounded monthly, over 10 years. Also find the total amount of interest paid.

Payment: __________________

Interest paid: _______________

4. Suppose you deposited $2000 annually into an IRA from your 24th birthday through your 65th birthday. The IRA earns 5%, compounded annually. How much will you have in the account after your last deposit?

Balance: ___________________

5. Which is the better investment opportunity: 6.25% compounded quarterly or 6.24% compounded monthly? Why?

Best investment: __________________

6. How much should be deposited at the birth of a child for that child’s college fund of $30,000 at 18 years of age if the CD is earning 7% interest, compounded quarterly?

Deposit: ___________________

7. The Gambles can afford a $3000 down payment toward a new car and payments of $250 per month for 6 years. If new car loans are at 2.9% APR, compounded monthly, what price car can the Gambles afford?

Price: _____________________

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