The Mathematics of Money

638 Appendix A Answers to Odd-Numbered Exercises

37. $590.88; July 25


38. October 28, 2009


39. $183.08


40. September 15, 2011


41. 14.17%


42. March 2, 2010


43. August 13, 2100 (2100 is not a leap year)

Chapter 1 Section 1.5

1. $8.93


2. $2,935.97


3. $891.41


4. a) 5.02%, b) 3%, c) 30.11%, d) 182.5%, e) 6%


5. a) 0.02466% daily, 0.75% monthly;
   b) 0.03699% daily, 1.125% monthly;
   c) 0.06575% daily, 2% monthly


6. a) 0.05477%, b) $5.97


7. $33.64


8. 24.00%


9. $5,263.93

Chapter 1 Exercises

1. $9,467.46


2. $2,363.39


3. $203,659.49


4. 482 days


5. $6,410.70


6. August 7, 2006; $5,773.03


7. a) $7,695.83, b) $7,590.41


8. September 5, 2007


9. 440 days


10. $3,831.45


11. August 11


12. a) 0.0475, b) 0.10875, c) 0.135625,
    d) 0.0534375


13. $25,314.38


14. $276.75


15. $1,770.48


16. $69.04


17. 919 days


18. $6,208.93


19. 9.41%


20. $48,500

Chapter 2 Section 2.1

1. a) $800, b) $750, c) $50


2. a) $20,000, b) $18,000, c) $2,000


3. a) $1,308.55, b) $1,275, c) $33.55


4. a) $493.15, b) $9,506.85


5. $94,166.67


6. $4,000


7. 4.05%


8. 9 days


9. 133.33%


10. 4.95%
    21. $849,109.59
    23. 21.17%
    25. $9,959.19
    27. $26,715.07; $17,473,284.93
    29. May 26, 2007

Chapter 2 Section 2.2

1. a) $875, b) $900, c) $25, d) $875, e) $875,
   f) $900, g) $25, h) $900


2. a) $352.45, b) $363.79, c) $11.34, d) $352.45,
   e) $352.45, f) $363.79, g) $11.34, h) $363.79


3. a) 7.85%, b) 7.37%


4. a) 869.05%, b) 651.79%


5. 13.64%


6. 9.64%


7. 66.67%


8. a) $18.82, b) 86.96%, c) 89.08%


9. 22.81%; 23.04%


10. 4.51%


11. 44.48%


12. $1,757,250; better off, since the equivalent simple
    interest rate for the fi rst offer is 9.73%


13. The tax preparer’s simple interest rate is 29.64%,
    which is higher.


14. July 31, 2007


15. 180%

Chapter 2 Section 2.3

1. a) $3,086.82, b) $3,034.86


2. $2,842.24


3. $10,248.59


4. $5,863.80


5. a) 7.81%, b) 9.43%, c) 8.45%


6. a) 12.12%, b) 17.49%, c) 16%


7. a) 9.92%, b) 13.34%, c) 8.71%


8. a)
   23.02%, b) 13.59%, c) 6.75%


9. $13,390.53


10. $5,045.05


11. $2,016.13


12. 7.46%; 3.92%


13. a) $35,863.01, b) $35,709.73, c) 8.22%,
    d) 5.22%


14. 13.29%


15. $6,141.25; 0.25%


16. 7%


17. 3.75%

Chapter 2 Exercises

1. $511.01; $17,828.99


2. $12,772.89


3. $19,360.98; 6.48%


4. 17.14%; 17.65%


5. $23,392.69


6. 293 days


7. $13,277.47

bie24825_bm.indd 638bie24825_bm.indd 638 5/23/07 8:55:17 PM5/23/07 8:55:17 PM