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Assignment 1 (5%)
Due Week of June 12, 2017
Please, submit to your TA MATH 2P75, Spring 2017
Department of Mathematics and Statistics
- 1. Rodney is paid $1500 weekly. Calculate the following: (i) Annual salary
(ii) Equivalent monthly pay
(iii) Equivalent semi-monthly pay
- 2. Amanda is paid an annual salary of $48,000 and is paid bi-weekly. The company has a standard 40-hour workweek and an overtime factor of 1.5. She worked 95 hours during the last pay period.
(i) Calculate Amanda’s bi-weekly pay.
(ii) Calculate her gross pay (total pay without any employer deductions for taxes, Canadian pension fund, etc.) for that period.
- 3. Melissa is paid 2% sales commission for the first $10,000 of her sa She is then paid 3% on the next $10,000 in sales, and 5% thereafter.
(i) Calculate her salary if her sales in January are $50,000. (ii) Calculate her salary if her sales in February are $19,000. (iii) Calculate her salary if her sales in March are $9000.
(iv) What single commission rate would represent her earnings in January?
- 4. A brand new car costs 20,000.00CAD before taxe Calculate the cost of the car after taxes in (i) Ontario, (ii) Quebec, (iii) Alberta.
- 5. Martha travelled from Canada to the USA with C$3,000 as backup cash. In the USA she converted this amount to From there she travels to Japan, where she converted her USD to Japanese yen. She finally returned to Canada and converted the Japanese yen to CAD.
(i) How many USD did Martha has as her backup cash while she was staying in the
(ii) How many Japanese Yen did Martha has while she was in Japan?
(iii) Check to see if she received her original amount of C$3,000 when she converted her Japanese Yen back to CAD.
Use the following table for conversion:
- 6. A bank of Calgary has the following buy and sell rates against Canadian dollars:
(i) Calculate the cost of purchasing 500 Brazilian reals based on the exchange rate R$1=C$0.3927.
(ii) Calculate the bank’s commission amount in CAD and their rate of commission
(%) to sell 500 Brazilian reals.
- 7. The basket of goods and services cost $16,500 in 2002. Using the CPI for 2015 from
(i) Calculate the cost of the basket of goods and services in 2015.
(ii) What is the percent change in the cost of the basket of goods and services from 2002 to 2015?
- 8. A manufacturer sells printers for $108.50 each. The operating profit is 30% on cost and markup is 75% on co
(i) How much does it cost the company to manufacture each printer?
(ii) Calculate the rate of markdown offered during a sale if it made a profit of $5.58 per printer.
(iii) What should be the rate of markdown offered to sell the printers at its cost price?
- 9. Sam has a printing company that prints textbooks, which are then sold to custome His printing facility can produce a maximum of 3000 textbooks per annum (capacity of the facility). The fixed costs per annum are $100,000, the variable costs per unit are
$75, and the selling price per unit is $125.
(i) Calculate the number of books he should produce and sell per year to break even. (ii) In 2015, he produced and sold 1200 textbooks. Did he make a profit or incur a loss
and by what amount?
(iii) In 2016, he produced and sold 2250 textbooks. Did he make a profit or incur a loss and by what amount?
(iv) In 2017, 80% of the facility was utilized to produce textbooks. Calculate the profit made or loss incurred if all textbooks that were produced were sold.
(v) In 2018, he wanted a profit of $40,000. How many books did he have to produce and sell and what percent of the facility would he have utilized?
(vi) What is the maximum profit per annum that he can expect from the facility?
- 10. When partial payments (more than one payment) are made to reduce a loan, each payment amount is first used to reduce the interest on the loan and the remainder is used to reduce the amount of principa This method of dealing with repayments is called the declining balance method
.A demand loan of $20,000 at 18% p.a. simple interest was settled by a payment of
$5000 in 2 months, another small payment of $500 in 5 months, and the outstanding balance in 6 months. Using the declining balance method, calculate the amount of the last payment.
- 11. Peter obtained a loan on April 13, 2017 for $4200 at 4.1% p.a. simple inte On June 01, 2017, the prime rate increased and the rate on the loan changed to 4.35% p.a. If the loan was repaid on July 15, 2017, what was the interest paid on the loan?
- 12. A payment of $5000 is due in three months and another payment of $8000 is due in nine month Calculate the value of a single payment to be made in five months that is equivalent to these two payments if money earns 6% p.a. simple interest. Use five months from now as the focal date.
- 13. A furniture supplier sold some furniture to a clothing store and provided them with two options to make a payment for the purchase:
Option (i): $4000 in two months and $1800 in six months. Option (ii): $2150 in four months and $3732 in eight months.
If the rate of interest is 6% p.a. simple interest, calculate which option is economically better for the store. Use today as the focal date.