Download Solve the following problems using the finance

Precalculus
Exponential Functions
Name:
Period:
Solve the following problems using the finance features of your TI – 83 when possible. For problems that cannot be done with the TI83 be sure to state the equation that you use to solve the problem.
1.
Amy contributes $50 per month into an IRA annuity for 25 years. Assuming that the IRA earns 6.25% annual interest, what is the
value of Amy’s IRA account after 25 years?
N=
FV =
I% =
P/Y =
PV =
C/Y =
PMT =
2.
Frank contributes $50 per month into an IRA annuity for 15 years. Assuming that the IRA earns 5.5% annual interest, what is the
value of Frank’s IRA account after 15 years?
N=
FV =
I% =
P/Y =
PV =
C/Y =
PMT =
3.
Betsy contributes to a retirement annuity in which she earns 8.5% annual interest compounded quarterly. I f she wants to
accumulate $125,000 by the end of 18 years, how much should she invest each quarter?
N=
I% =
PV =
PMT =
FV =
P/Y =
C/Y =
4. What monthly payments are required for a 4-year, $12,000 car loan at 10.5% APR compounded monthly?
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FV =
I% =
P/Y =
PV =
C/Y =
PMT =
5. What monthly payments are required for a 3-year, $8500 car loan at 10.0% APR compounded monthly?
N=
I% =
PV =
PMT =
FV =
P/Y =
C/Y =
6. An $86,000 mortgage loan at 12% APR requires monthly payments. Find the required monthly payment if the loan has a term of
30 years.
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I% =
PV =
PMT =
FV =
P/Y =
C/Y =
7. An $86,000 mortgage loan at 12% APR requires monthly payments. Find the required monthly payment if the loan has a term of
15 years.
N=
I% =
PV =
PMT =
FV =
P/Y =
C/Y =
8. A $100,000 mortgage requires monthly payments for 30 years at 7.5% APR. How much is each payment?
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I% =
PV =
PMT =
FV =
P/Y =
C/Y =
9. An $86,000 mortgage for 30 years at 12% requires monthly payments of $884.61. Suppose you decide to make monthly payments
of $1050.00. When would the loan be completely paid off?
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I% =
PV =
PMT =
FV =
P/Y =
C/Y =
10. A single cell amoeba doubles every three days. How long would it take one amoeba to produce a population of about 10,000
amoebas?
11. The half-life of a radioactive substance is 21 days. There are 4.62 grams present initially. When will there be less than 1 gram
remaining?
12. Radioactive Bismuth (210Bi) undergoes beta decay with a 5.0 day half-life. How long will it take a sample of initial quantity P to
become 1/8 its initial size?
For questions 13 – 15 refer to the following problem situation: The half-life of a certain radioactive substance is 1.5 seconds, and P
represents the amount of the substance initially (in grams).
13.
How much of the substance is left after 1.5 seconds? After 3 seconds? After t seconds?
14.
Sketch a complete graph of an algebraic representation if there are 2 grams of the substance initially.
15.
What is the initial amount of the substance needed if there is to be 1 gram left after 1 minute?