Questions from Business Mathematics

Q: Ambleside Golf Club’s board of directors has set next year’s membership fee

Ambleside Golf Club’s board of directors has set next year’s membership fee at $1900, payable at the beginning of the year. The board has instructed its accountant to calculate beginning-of-quarter an...

Q: RRSP contributions of $5000 are made at the beginning of every

RRSP contributions of $5000 are made at the beginning of every six months. How many more contributions will it take to reach $750,000 if the RRSP earns 8% compounded semiannually than if it earns 10%...

Q: Mrs. McPherson wants to use $10,000 from her

Mrs. McPherson wants to use $10,000 from her late husband’s estate to assist her grandson when he enters college in seven years. Assume the $10,000 is invested immediately at 4% compounded monthly, an...

Q: Simplify and collect the like terms. x 2 − x

Simplify and collect the like terms. x 2 − x 2 + 4 5 − 0.2 x 2 − 4 5 x + 1 2

Q: If you contribute $1000 to an RRSP at the beginning of

If you contribute $1000 to an RRSP at the beginning of every three months for 25 years and then use the accumulated funds to purchase an annuity paying $3000 at the beginning of each month, what will...

Q: Quantum Research Ltd. has arranged debt financing from its parent company

Quantum Research Ltd. has arranged debt financing from its parent company to complete the development of a new product. Quantum “draws down” $12,000 at the beginning of each month. If interest accumul...

Q: Jamshid borrowed $350 from his mother at the beginning of every

Jamshid borrowed $350 from his mother at the beginning of every month for 2 1 2 years while he attended Seneca College. 1. If the interest rate on the accumulating debt was 6% compounded semiannually,...

Q: The annual membership dues in the Rolling Meadows Golf and Country Club

The annual membership dues in the Rolling Meadows Golf and Country Club can be paid by four payments of $898.80 at the beginning of each calendar quarter, instead of by a single payment of $3428 at th...

Q: The Lifestyle Fitness and Exercise Centre charges annual membership fees of $

The Lifestyle Fitness and Exercise Centre charges annual membership fees of $600 (in advance) or six “easy” payments of $120 at the beginning of every two months. What effective interest rate is being...

Q: A magazine offers a one-year subscription rate of $63

A magazine offers a one-year subscription rate of $63.80 and a three-year subscription rate of $159.80, both payable at the start of the subscription period. Assuming that you intend to continue to su...