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11 Unsolved Questions Final Exam - Finite Mathematics | MATH 110, Exams of Mathematics

Illinois Wesleyan University (IWU)Mathematics

Material Type: Exam; Class: Finite Mathematics; Subject: Mathematics; University: Illinois Wesleyan University; Term: Spring 2007;

Typology: Exams

Pre 2010

Uploaded on 08/19/2009

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Math 110, Finite Math, Spring 2007
Final Exam
Name:
Work all problems. 10 points per part.
1. What is the monthly payment on a $120,000 loan for 30 years at 6% annual
interest?
2. The accummulated amount in a bank account for a period of 18 months at a
rate of 5% per year, compounded seminually is $2101 . Assuming no deposits
and withdrawals, find the original principal.
3. If you save $50 per month for the next 30 years and manage to earn 4% annual
interest, how much will you end up with?
1
pf3
pf4
pf5

Partial preview of the text

Download 11 Unsolved Questions Final Exam - Finite Mathematics | MATH 110 and more Exams Mathematics in PDF only on Docsity!

Math 110, Finite Math, Spring 2007

Final Exam

Name: Work all problems. 10 points per part.

  1. What is the monthly payment on a $120,000 loan for 30 years at 6% annual interest?
  2. The accummulated amount in a bank account for a period of 18 months at a rate of 5% per year, compounded seminually is $2101. Assuming no deposits and withdrawals, find the original principal.
  3. If you save $50 per month for the next 30 years and manage to earn 4% annual interest, how much will you end up with?
  1. A loan shark offers you $500 for two weeks for a fee of $50, renewing the loan and adding the fee to the amount borrowed if you don’t manage to pay it off. What is the equivalent annual effective interest rate?
  2. A fair coin is tossed 10 times. What is the probability that the number of heads is 4, 5, or 6?
  3. A restaurant buys three kinds of fruits — apples, grapes and bananas. A survey reviewed 100 dinner orders by counting the number of orders for each of the three kinds of fruit: 37 of the customers had apples after the dinner, 50 had grapes, 60 had bananas, 22 had apples and grapes, 30 had grapes and bananas, 17 had apples and bananas, and 7 had all three, apples, grapes and bananas. Assuming that this survey gives a representative sample,

(a) What is the probability that after a dinner a customer will order exactly two of the fruits?

  1. How many different rearrangements are there of the letters in the word ILLI- NOIS?
  2. A cookie jar has 5 chocolate chip cookies and 2 sugar cookies in it. A child takes cookies out one at a time until she gets a sugar cookie. What is the expected number of chocolate chip cookies taken out?
  3. A Markov chain has transition matrix given by

T =

What is its equilibrium vector?

  1. The game of matching pennies yields a Markov chain with graph

. 5 ←− 1

. 5 −→ 3  1

What is the fundamental matrix for this chain?