Exam 2, for Review - practice exam PDF

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MA 15555, Spring 2020 Quantitative Reasoning

Exam 2

Instructions:

Name ______________________________

1.

Fill out your name at the top.

2.

Only a TI-30XA single-line calculator is allowed. All others must be put away.

3.

Answer each question to the best of your ability. There is partial credit for each question, so let us know what you are thinking. Write your final answer in the answer box provided.

4. Please show your work. How did you arrive at the answer? 5.

Please read the question before you answer it and again after you answer it. Be sure you answered the question and all of its parts.

6.

You have 50 minutes.

Page

Possible Score

1.

24

2.

24

3.

24

4.

16

5.

12

Total

100

Your Score

Federal hourly minimum wage history Oct 1938 Oct 1939 Oct 1945 Jan 1950 Mar 1956 Sep 1961

$0.25 $0.30 $0.40 $0.75 $1.00 $1.15

Sep 1963 Feb 1967 Feb 1968 May 1974 Jan 1975 Jan 1976

$1.25 $1.40 $1.60 $2.00 $2.10 $2.30

Jan 1978 Jan 1979 Jan 1980 Jan 1981 Apr 1990 Apr 1991

Purdue Grading Scale A+ = 4.0 A = 4.0 A- = 3.7

B+ = 3.3 B = 3.0 B- = 2.7

C+ = 2.3 C = 2.0 C-= 1.7

D+ = 1.3 D = 1.0 D-= 0.7

F+ = 0.0 F = 0.0 F- = 0.0

$2.65 $2.90 $3.10 $3.35 $3.80 $4.25

Oct 1996 Sep 1997 Jul 2007 Jul 2008 Jul 2009

$4.75 $5.15 $5.85 $6.55 $7.25

MA 15555, Spring 2020 Quantitative Reasoning

Exam 2

From the CPI Calculator: $1,000 in 2000 was worth $1,284 in 2010. $1,000 in 2010 was worth $1,191 in 2020. 6 pts. 1.

Find the following inflation rates, as a percent rounded to one decimal place. a. 2000 to 2010 b. 2010 to 2020

6 pts. 2.

Using your answers from above, find the overall inflation rate from 2000 to 2020, as a percent rounded to one decimal place. (Please do not add the two answers.)

6 pts. 3.

Suppose the annual inflation rate was 3.2% each year for 9 straight years. What was the overall inflation rate for the 9-year period, as a percent rounded to one decimal place? (The answer is not 28.8%)

6 pts. 4.

The inflation rate from 1960 to 1969 was 21.5%. If the inflation rate had been the same for each of the 9 years, what would it have been, as a percent rounded to one decimal place? (The answer is not 2.4%)

1

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MA 15555, Spring 2020 Quantitative Reasoning

Exam 2

6 pts. 5.

You receive a 7.8% raise and the inflation rate is 3.1%. What is your effective raise as a percent rounded to two decimal places?

6 pts. 6.

You have a new job. You negotiate a starting salary of $48,500 and 2.25% raises at the start of each of the next 7 years. What will be your salary in the 8th year? Round to the whole dollar.

6 pts. 7.

Find the relative raise in the Minimum Wage from 1962 to 1992 as a percent rounded to two decimal places. (The Minimum Wage chart is on the front page of the exam.)

6 pts. 8.

The inflation rate from 1962 to 1992 was 360.33%. Using your answer from #7, find the Effective “Raise” in the Minimum Wage from 1962 to 1992, as a percent rounded to two decimal places.

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MA 15555, Spring 2020 Quantitative Reasoning

9. 8 pts.

Exam 2

Find Esperanza’s semester GPA, rounded to two decimal places. (The Purdue Grading Scale is on the front page of the exam.) Credits

Subject

Grade

3

Agronomy

A

4

Math

B

5 2

Chemistry Economics

C+ D-

3

Band

B+

4 pts. 10.

You have test scores 92, 83, 94, 75, and 66. Assuming all tests are equally weighted, what score do you need on the next test to raise your average to exactly 84?

6 pts. 11.

At the start of the semester, you have 110 credits and a graduate GPA of 3.56. This semester, you earn a 2.22 while taking 18 credit hours. Find your new Graduate GPA rounded to two decimal places.

6 pts. 12.

A Purdue student has earned 75 total credits with a GPA of 1.75. The registrar has informed him that he is on probation and will be suspended unless his overall GPA improves to at least 2.00 after the next semester. Assuming he does not retake any courses, what is the minimum semester GPA he must earn to avoid being suspended if he takes 15 credits hours this semester? Round to two decimal places.

3

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MA 15555, Spring 2020 Quantitative Reasoning

6 pts.

13.

Exam 2

Find the course average for an exam given is the number of students and the average for each Instructor’s section. Round to one decimal place. (The answer is not 80.0) Instructor Students Average 100 95 Razan 40 65 Alex 80 75 Leah 70 85 Ben

6 pts. 14.

Currently, Hazeltine Industries has the following workers with their pay.

President Manager

$80,000 $65,000

Clerk $50,000 Clerk $40,000 Clerk $30,000 Find the new Mean and Median pay for the company after giving both the President and the Manager a 15% raise, and each Clerk a 25% raise.

New Mean Pay:

New Median Pay:

4 pts. 15. You have a credit card balance of $3,500 on a high interest card. If you stop using the card, and

make monthly payments of $79, you can pay it off in 72 months. How much will you end up paying in interest to pay off this charge? (Notice, just asking for the interest)

Amount of Interest:

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MA 15555, Spring 2020 Quantitative Reasoning

Exam 2

6 pts. 16. a) Write the PMT function in Excel that will calculate the monthly payment for Principle and

Interest only for a 30 year mortgage, at 4.25% per year, for a $150,000 loan. Hint: PMT(rate, nper, pv)

= b)

If you wrote the correct function, it would return a monthly payment of $738. If you make this monthly payment for 30 years, how much will you pay in total, and how much of that total will be interest?

Total you Paid:

6 pts. 17. a)

b)

Amount Paid in Interest

Write the FV function in Excel that will calculate the Future Value of making regular monthly payments of $300 in an account earning 9.5% interest per year for 40 years . Hint: FV(rate, nper, pmt)

After 40 years of making this monthly payment, there will be $1,630,888 in the account (What you paid in + Earned Interest). How much did you pay into the account, and how much did you earn in interest?

Total you Paid:

Amount Earned in Interest:

5

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