Business math final exam answers

Math 114 - Cumulative Practice Practice Final Exam 11/29/2019 This practice exam is very similar to the 9.4 Mock Final Exam located in the “Exam Prep Question” green booklet, available for purchase in the bookstore. The bookstore version provides solutions. The following is provided as a courtesy for those who have not purchased the booklet. Important Note: These questions have been provided to you NOT necessarily in anticipation that the Final Exam will consist of these, or even similar questions. Rather this is to give you better appreciate the pace and difficulty level of the Final Exam, and to assist you in better meeting the challenges you will face managing your time and level of detail. You should aim to complete all these questions within 3 hours SHORT ANSWER QUESTIONS: 2 marks each. 1. Simplify the expression (11(7 + 8) - 6/5 + 13)/6. 2. You are mixing a chemical compound that is 1.25 parts water, 1.0 parts acid, and 0.75 parts alkali. Reduce this ratio to simplest terms, using only integer values. 3. A toolbox can be bought for $125.76 US. How much would you pay in Canadian dollars if the exchange rate is $1 US = $0.74 CAD? 4. 117% of what amount is $67.45? 5. A motorcycle retails for $17,855. If the retailer received a trade discount of 11%, what was the list price? 6. An item is marked up 21% above cost for overhead, and 15% above selling price for profit. If cost is $1,034.52, what is the selling price? 7. An item sells for $118.72, and is marked down 18.5%. What is the new selling price? 1 8. Total cost is given by the formula TC(x) = 5x + 14.5. What is the fixed cost? 9. Profit is given by π(x) = 11.3x − 272.6, where x is the number of units sold. How many units must be sold to break even? 10. Total cost is given by TC(x) = 7.2x + 9.6 and profit is given by π(x) = 11.6x − 8.4, where x is number of units produced/sold. Find the price per unit sold. 11. An investment of $12,409 earns simple interest of $729.34. If the interest rate is 8.5% per year, how long was the investment held for? 12. An investment of $10,200 earns simple interest of 7.4% p.a. If the investment is held for 11 months, how much interest was earned? 13. An investment of $6,100 earns 9.2% p.a., simple interest. What is its FV after 113 days? 14.