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## 90092 MTH 1002 A -- Fundamentals of Mathematics -- Fall 2012 Online Course Quiz 7

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This is the weekly quiz for 8 November 2012 for the MTH 1002 course. Please do this quiz after you have completed the rest of assignment 7. It should take between one half hour and 2 1/2 hours to complete if you are well prepared, longer if not.

In answer to questions on this page, when you need to show an exponent as in xa show the raised part using ^ and (), as in x^(a). For division, use / and (), as in (x^3-1)/(x-1).

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1. Define compound interest.

2. You put \$1,000 into a bank that pays 2% per annum interest, compounded quarterly. How much money do you have in the bank after 2 years. Show your work.

3. You put \$1,000 into a fund that pays 6% per annum interest, compounded quarterly. How much money do you have in the bank after 2 years. Show your work.

4. You borrow \$300,000 at 6% per annum interest compounded quarterly and added to the principal. How much do you owe at the end of 5 years. Show your work.

5. Frank's business borrows \$1,000,000 for 30 days at 10% per annum interest using banker's year rules, but with the interest compounded daily and added into the loan. How much is owed after 30 days. Show your work.

6. Frank's business borrows \$1,000,000 for 30 days at 10% per annum interest using 365-day year rules, but with the interest compounded daily and added into the loan. How much is owed after 30 days. Show your work.

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Updated 21 October 2012.