Practice Exam 2 (Chapters 5 and 6)
1. Find the simple interest of $3478 at 7.4% for 88 days
2. Find the compounded amount (future value) and the amount of interest earned for
$12,903.45 at 6.37% compounded quarterly for 29 quarters.
3. Find the future value of the following annuity: $233 deposited at the end of each month for
4 years; money earns 6% compounded monthly.
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4. Using your calculator, find the present value of the following ordinary annuity: $1500
quarterly for 7 years at 8% compounded quarterly.
N = _28___
I%= __8____
PMT= __1500______ FV= ____0_______________
P/Y= __4____ C/Y= ___4___
Present Value: __$31,921.91________
5. Find the monthly house payment for the following mortgage: $167,000 at 2.91% for 15
years.
6. Using your calculator, find the interest rate needed for the sinking fund to reach the
required amount: $56,840 to be accumulated in 4½ years; monthly payments of $917.
Round to 2 decimal places.
N = __54__
PV= ____0_______ PMT= __917______ FV= __-56840___________
P/Y= __12____ C/Y= _12_____
Interest rate: ___6.12%_______
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7. Solve the following system of equations using the elimination method.
–5x – 3y = –3
2x + y = 4
8. A minor league baseball park has 7,000 seats. Box seats cost $6, grandstand
seats cost $4, and bleacher seats cost $2. When all seats are sold, the
revenue is $26,400. If the number of box seats is one-third the number of
bleacher seats, how many seats of each type are there?
(400,
5400,
1200)
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9. Given A   1  12 and B   3 2  , find 3 A  2B.
4 
 2
 1  2
 1  12 
 3
 3  36 
 6
2
  2
  
  
3  2
4 
12 

 1  2 
 6
 2
10.
 9  78 
42 
  

 4 
16 
 4
Solve the following system of equations using the calculator. Show the
augmented matrix that you used.
3x + 2y – 6z = 3
x + y + 2z = 2
3 2  6 3 
1 1 2 2
2 2 5 0





2x + 2y + 5z = 0
(-41, 51, -4)
4
11.
Solve the following system of equations using the matrix method.
x – 2y + 3z = 4
2x + y – 4z = 3
–3x + 4y – z = –2
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12.
Solve the following system of equations using the calculator. Show the
augmented matrix that you used. Express the solution in terms of the
variable z. List two solutions.
x + 2y + z = 0
y + 2z = 0





1 2 1 0 
0 1 2 0
1 1 1 0 
x+ y – z=0
x  3z  0
x  3z
(3z,  2z, z)
y  2z  0
y  2 z
13.
(0,0,0),
(3, 2, 1)
 3  1
2
Find the inverse matrix for the following matrix (no calculator): 5
6
14.
Solve the following matrix equation AX = B for X by using A1 . Use the
calculator to find A1 .
 1 0
A   1 1
 3 0
2
0
4

 8
 , B   4

 6 
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