MAT 143 Final Exam Review

MAT 143 Final Exam Review

by Dr. Mac

Unit 1: Chapter 4​

Refer to page 183 for a summary of terms and formulas

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Find the tip amount.

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Find the original salary.

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Justin and his friend Dan went to the movies. If they each bought popcorn for $4.25 and a soda for $2.25, what was their total bill after adding 5% sales tax?

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Sugar-free gum contains 40% less calories than regular gum. If a piece of regular gum contains 40 calories, how many calories does a piece of sugar-free gum contain?

Unit 2: Chapter 5

Refer to page 234 for a summary of terms and formulas.

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Find the following for the given function:

a.       Independent Variable

b.      Dependent Variable

c.       Domain

d.      Range

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How do we know this graph is the graph of a function?

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Answer the following for the given function:

a.       How many daylight hours are there on Nov 1?

 

b.      What time of year is there only 5 hours of daylight?

 

c.    What does the point (1 Mar, 2) mean?

Unit 3: Chapter 9

Refer to page 513 for a summary of terms and formulas. You may want to grab your finance formula sheet.

Draw

Solve the compound interest formula for P.

Draw

Solve the continuous compound interest formula for P.

Draw

Solve the annuity formula for PMT.

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Find the percentage increase.

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What is the sales price of the car?

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Use the formula for present value of money to calculate the amount you need to invest now in one lump sum in order to have $100,000 after 18 years with an APR of 7% compounded monthly. Round your answer to the nearest cent, if necessary.

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Your money is invested for 15 years at 4.5% compounded continuously. 

How much should you invest to have $15,000 in the future? 

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You wish to purchase a new car.  The car you have chosen has a price of $34,000, including taxes and fees.  You choose to make a down payment of 20% of the price and want to finance the remainder. 

If you acquire an APR of 3.99% for a 72-month loan, what is the amount of your monthly payment?

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You would like to save money for retirement. 

You can invest $50 per month at 5.25%.

a. If you start saving at age 25, how much will you have at age 60?

b. How much of this is interest?

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1.       You would like to retire with 1,000,000 in the bank in 40 years.  How much do you need to invest monthly at 6.5% over the next 40 years?  How much did you put into the investment?  How much interest did you earn?

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You are planning a special birthday trip in 7 years.  How much should you invest now at 4.25% interest compounded weekly, if you would like to have $5750 for the trip?

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You need to borrow $500 for 2 weeks.  You must pay $19 per $100 borrowed. 

What is the APR at which you are borrowing money?

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Unit 4: Chapter 7

Refer to page 363 for a summary of terms and formulas.

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A raffle is held by the FVHS student council to draw for a $1000 plasma

      television. Two thousand tickets are sold at $1.00 each.

Find the expected value of one ticket.

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The probability that s student owns a car is 0.65, and the probability that a student owns a computer is 0.82. If the probability that a student owns both is 0.55:

a. What is the probability that a randomly selected student owns a car or computer?

b. What is the probability that a randomly selected student does not own a car or computer?

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a) Find the probability that the winner won the gold medal, given that the winner was fron the US.

b) Find the probability that the winner was from the US, given that she or he won a gold medal.

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What is the probability of drawing a face card, given that it is a club.   

P(face|club)=?

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Blockbuster rented the following number of movie titles in each of these categories: 170 horror, 230 drama, 120 mystery, 310 romance, 150 comedies, and 45 romantic comedies. If a person who rented one of the movies is selected at random, find the probability that a romance or comedy was rented.

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If 2 cards are selected from a standard deck of cards. The first card is placed back in the deck before the second card is drawn.

Find the following probabilities:

a) P(Heart and club)

b) P( Red card and 4 of spades)

c) P(Spade and Ace of hearts)

d) P(2 Aces)

e) P(Queen of hearts and King)

f) P(2 of the same card)

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If 2 cards are selected from a standard deck of cards. The first card is NOT placed back in the deck before the second card is drawn.

Find the following probabilities:

a) P(Heart and club)

b) P( Red card and 4 of spades)

c) P(Spade and Ace of hearts)

d) P(2 Aces)

e) P(Queen of hearts and King)

f) P(2 of the same card)

Unit 5: Chapter 8

Refer to page 446 for a summary of terms and formulas.

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Clustered or Stratified?

A sociologist conducts an opinion survey in a major city. Part of the research plan calls for describing and comparing the opinions of four different ethnic groups: African Americans, Asian Americans, European Americans, and Native Americans. For a total sample of 300, the researcher selects 75 participants from each of the four predetermined subgroups.

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Clustered or Stratified?

A researcher is interested in political attitudes of individuals within a particular state. The researcher uses the following procedure to obtain a sample: (a) a random sample of counties is drawn, (b) within the counties selected, districts are randomly drawn, (c) within each district, blocks are randomly sampled, (d) within blocks selected, buildings are randomly drawn, and (d) all residents within the buildings selected comprise the sample.

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Clustered or Stratified?

A researcher is interested in maximum-security inmates. She groups maximum-security prisons by state, randomly selects 10 states, and, from those 10, selects three prisons. She includes all the inmates in those three prisons in her sample.

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Clustered or Stratified?

Instructors teaching research methods are interested in knowing what study techniques their students are utilizing. Rather than assessing all students, the researchers randomly select 10 students from each of the sections to comprise their sample.

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Find the frequency and relative frequency distribution for the given data.

Be able to draw a frequency histogram with labels, a title, and proper scale.

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The average IQ score for adults is 100 with a standard deviation of 15. Assume that the distribution of IQ scores is approximately normal.

Find the percentage of adults who have an IQ score:

a. less than 90.

b. which exceeds the mean by at least 15 points.

c. between 100 and 130.

Find the interval (range) that at least 68% of the data lie?