John invested $3,000 for 5 years at nominal rate 8%, compounded quarterly. What is the accumulated value at the end of 5 years? What is the annual effective rate of interest?

1)John invested $3,000 for 5 years at nominal rate 8%, compounded quarterly. What is the accumulated value at the end of 5 years? What is the annual effective rate of interest?

2) Mike and Kathy purchased their home at the price of $250,000.  They paid $20,000  as down payment and took a mortgage for the balance. The mortgage is for thirty years and has an annual interest rate of 9%, compounded monthly. What are the monthly payments on the mortgage?

3)  Write the augmented matrix corresponding to the system of equations and then using Gauss-Jordan elimination method to solve the system

2x +3y =-1

x – y = 2.

4)  Let

A = [ 3,   -1]       B= [2,    1]

[ 5,   ,-2],            [-1,  3]

1. Find 3A – B.
2. Find the inverse of A.
3. Find A∙B.

5) A random sample of 200 adults are classified below by sex and their level of education attained.

Education         Male        Female

Elementary        38            45

Secondary          28            50

College              22              17

If a person is picked at random from this group, find the probability that

(a).  the person has a secondary education

(b) the person has a college degree, given that the person is a female.

6) A class of 20 students took a 5-point math quiz. The following frequency distribution describes the scores received on the quiz.

3. Find the probability that a randomly selected student got a score more than 3.
4. Find the Expected value of this distribution.
5. Find the variance and standard deviation

7) According to the Cellular Telecommunications Industry Association, the average local monthly cell phone bill is $42. Suppose local monthly cell phone bills are normally distributed with a standard deviation $12. What is the probability that a randomly selected cell phone bill is between $30 and $55?