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Fundamentals Of Business Mathematics In Canada, First Canadian Edition Solution Manual

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    1 Review and Applications of Basic Mathematics Exercise 1.1 4 8 8 20 8 2 4 20 1        . 2 18 3 6 2 6 12 18 .         3 20 4 2 8 16 2 8 32 8 24 .            4 18 3 6 2 18 9 2 2 2 4 .              5 20 4 2 8 20 8 8 20 .            6 18 3 6 2 6 6 2 24 .        7 54 36 4 2 54 9 4 49 2 .          66 3 1 64 3 9 9 8 3 9 3 3 5 8 2 2 2             .     9 54 36 4 2 18 6 18 36 0 5 2 2 . .               8 3 5 12 36 5 12 3 9 5 3 9 3 3 5 10 2 2 2               .   6 8 48 2 16 64 2 4 4 8 11 3 3 2 2       .   4 4 16 8 4 4 2 4 4 8 12 2 3 2         .       255 45 300 9 5 100 3 3 5 10 3 20 17 5 4 6 3 13 2 2 2 2               .             5 12 8 100 12 4 10 4 3 4 2 12 2 3 4 2 3 4 14 2 2 2 2 . .                           9 9 81 9 21 40 20 9 3 7 5 8 20 15              .         000 50 100 5 81 19 5 16 25 19 5 16 5 19 5 16 2 2 2 2 2 2 2 , .                     $100.74 0.00739726 1 $100 0.06 1 $100 17 365 45      . $194.17 1.03 $200 0.03 1 $200 0.09 1 $200 18. 12 4         51 . 453 $ 1025 . 1 500 $ 05 . 1 500 $ 05 . 0 1 500 $ . 19 2 2           21 . 1061 $ 1.061208 1000 $ 02 . 1 1000 $ 02 . 0 1 1000 $ . 20 3 3       00 . 204 $ 04 . 0 0816 . 0 100 $ 04 . 0 1 04 . 1 100 $ 04 . 0 1 04 . 0 1 100 $ . 21 2 2                            

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    Exercise 1. 1 (continued)   04 . 574 $ 03 . 0 942596 . 0 1 300 $ 03 . 0 0609 . 1 1 1 300 $ 03 . 0 03 . 0 1 1 1 300 $ . 22 2                                      Concept Questions (Section 1.2) 1. You must retain at least one more figure than you require in the answer. To achieve four - figure accuracy in the answer, you must retain a minimum of five figures in the values used in the calculations. B) 2. We want six - figure accuracy in the answer. Therefore, values used in the calculations must be accurate to at least seven figures . B) 3. We want seven - figure accuracy in the answer. Therefore, values used in the calculations must retain at least eight figures . C) 4. To be accurate to the nearest 0.01%, an interest rate greater than 10% must have four - figure accuracy. Therefore, five figures must be retained in numbers used in the calculations. C) Exercise 1.2 % 500 . 87 87500 . 0 . 1 8 7   % 500 . 62 62500 . 0 . 2 104 65   % 00 . 235 3500 . 2 . 3 20 47   % 25 . 56 5625 . 0 . 4 16 9      % 00 . 140 4000 . 1 . 5 25 35      % 00 . 128 2800 . 1 1 . 6 25 7   % 5000 . 2 025000 . 0 . 7 1000 25   % 0 . 4000 000 . 40 . 8 25 1000   % 00 . 202 0200 . 2 2 . 9 100 2   % 38 . 134 3438 . 1 1 . 10 32 11      % 000 . 75 75000 . 0 . 11 50 5 . 37   % 50 . 187 8750 . 1 . 12 12 5 . 22      13 0 83 83 3 5 6 . . . %   Exercise 1.2 (continued) 14 2 6 266 6 8 3 . . . %      15 7 7 7 777 7 7 9 . . . %   16 1 1 09 109 09 1 11 . . . %  

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    17 11 111 1 10 9 . . . %   18 0 004 0 4 4 900 . . . %      % . . . 592 2 259 0 0 19 270 7      20 1 370 137 037 37 27 . . . %   38 11 3845 11 21 . . .  646 9 6455 9 22 . . .  5545 0 5545454 0 23 . . .  1000 49 1000 24  . . 002 1 0023456 1 25 . . .  03041 0 030405 0 26 . . .  10 40 09515 40 27 . . .  009091 0 0090909 0 28 . . .  % . . . 667 16 16667 0 29 6 1   % . . . 67 116 1667 1 30 6 7   31 0 016667 16667 1 60 . . . %   32 2 2 5556 255 56 5 9 . . . %   33 0 68493 68 493 250 365 . . . %   % . . . 1096 4 041096 0 34 365 15   35 0 0091667 0 91667 0 11 12 . . . % .   % . . . . 79167 0 0079167 0 36 12 095 0     $94.68 1.02915 $92 0.095 1 $92 37 365 112      .   $104.58 1.04583 $100 0.11 1 $100 38. 12 5        $410.99 0.903750 $454.76 0.105 1 $454.76 39 12 11      . $711.98 1.110767 $790.84 0.13 1 $790.84 40 365 311     . $3384.52 1.031164 $3490 0.125 1 $3490 41 365 91     . Exercise 1.2 (continued) $10,524.80 0.95013699 $10,000 0.10 1 $10,000 . 42 365 182         $720.04 1.0525 $650 1 $650 43. 2 2 2 0.105   

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        $906.13 0.97625 $950.75 1 $950.75 . 44 2 2 4 0.095      $14,435.88 1.0108333 $15,400 1 $15,400 45. 6 6 12 0.13      $439.79 1.05750 $550 1 $550 46. 4 4 2 0.115    47. =0. x $1527 = $509.00 48. 0.0275 x $2.75 = $0.08 49. 2.50 x $25 = $62.50 50. 0.00025 x $200 = $0.05 51. 0.5 x $30 = $ 1 5 . 0 0 52. Money available to be spent on entertainment is 100 – (53+42) = 5% In dollars, 0.05 x $14,775 = $738.75 They can spend $738.75 on entertainment. 53. Sales of in - store products = 0.36 x $102,300 = $36,828 HST collected on in - store products = 0.13 x $36,828 = $4 , 787.64 54. Shots scored from 2 - point zone = 0.545454  33 = 18 Shots scored from 3 - point distance = 0.46667  15 = 7 Foul shots scored = 0.793  29 = 23 Total points scored = 18(2) + 7(3) + 23(1) = 80     $6648.46 1.028082 1.035630 $6600 0.125 1 0.085 1 $6600 55. 365 82 365 153             $893.38 1.06864 1.22398 $780 1 1 $780 . 56 8 12 0.10 5 2 0.0825       $7159.48 0.0075 0.05369613 $1000 1 1 $1000 57. 12 0.09 7 12 0.09                       $1708.14 0.0396532 0.008125 $350 1 1 1 $350 58. 5 12 0.0975 12 0.0975               $1830.07 $9500 1 1 $9500 59. 0.01875 0.09733216 4 0.075 5 4 0.075    

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        $1011.38 $848.75 $162.64 $848.75 0.04185 0.151251 $45 1.178205 $1000 0.04185 1 $45 1 $1000 1 1 1 $45 60. 1.178205 1 4 2 0.0837 2 0.0837 4 2 0.0837                                   61. S eats not sold to season - ticket holders = 100% – 67.5% = 32.5% Number of seats not sold to season - ticket holders = 0.325 x 19289 = 6,269 seats Rounded to the nearest 100, 6300 seats were not sold to season - ticket holders. 62. Percentage of impurities = 100%  99.95% = 0.05% Amount of impurities = 0.0005  31.16 g = 0.01558 g = 15.58 mg 63. Portion of commission retained = 0.60  4.8% = 2.88% Income is 2.88% of sales =0.0288 x $5,225,000 = $150,480 That is, $150,480 = 0.0288  Sales Stan’s commission was $150,480 . 64. If 18% of $128,500 is lower than $23,820 then that will be the contribution. 0.18 x 128 , 500 = $23,130 Maximum RRSP contribution is $23,130 since it is lower than $23,820.

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    Exercise 1. 3 1. Regular weekly earnings = 52 $58,800 = $1130.77 Equivalent hourly rate = 35 $1130.77 = $32.31 Overtime hourly rate = 1.5($32.31) = $48.47 Gross pay for 39 - hour week = $1130.77 + 4($48.47) = $1324.65 2 Regular biweekly earnings = 26 $37,500 = $1442.31 Equivalent hourly rate = 37.5 2 $1442.31  = $19.23 Gross earnings = $1442.31 + 9(1.5)$19.23 = $1701.92 3. Regular biweekly earnings = 26 $54,600 = $2100.00 Equivalent hourly wage = 40 2 $2100.00  = $26.25 Hasad worked 3 hours of overtime in the first week and 6.5 hours in the second week. Gross pay = $2100.00 + 9.5(1.5)$26.25 = $2474.06 4. Annual earnings = 52(40)$ 31.50 = $ 65 , 52 0 Equivalent semimonthly earnings = 24 $65,520 = $ 2730 .00 5. Regular hours worked = 7.5 + 7.5 + 6 + 6 + 7.5 = 34.5 Overtime hours worked = 4.5 +1 + 1.5 =7 Gross earnings = 34.5($17.70) + 7(1.5)($17.70) = $796.50

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    Exercise 1. 3 (continued) 6. Total hours worked = 51.5 of which 8 hours were worked on a statutory holiday. Overtime hours worked = 51.5 – (40 + 8) = 3.5 Regular earnings = 40($34.50) = $1380.00 Overtime pay = 3.5(1.5)$34.50 = $181.13 Holiday pay = 8($34.50) = $276.00 Holiday premium = 8(2)$34.50 = $552.00 Gross earnings = $2389.13 7. Output in excess of quota = 4 + 6 + 7 + 8 +10 =35 shirts Total pay = 40($7.50) + 35($3.00) = $405.00 8. Weight packed per day = 7.5(250)(0.500kg) = 937.5 kg. Earnings per day = 7.5($8.25) + (937.5 – 500)($0.18) = $140.63 9. October earnings = (# renewals)  $20 + (# new policies)  $35 + 0.055(Total premiums) = 126($20) + 37($35) + 0.055($14,375 + $47,880) = $7239.03 10. Annual sales = 12($ 11,0 00) = $ 132 ,000 Hillary’s earnings = 0.21($ 132 ,000) + 0.07($ 132 ,000 – $ 100 ,000) = $ 29 ,9 6 0 11. Estimated earnings from Supreme Audio &Video = $2000 + 0.04($55,000) = $4200 Estimated earnings from Buy - Right = $1500 + 0.03($25,000) + 0.06($55,000 – $25,000) = $4 05 0 12. a. Earnings will be the greater of $600 or 0.11(Sales) = 0.11($5636) = $619.96 b. The salesman will earn the $600 from sales if 0.11(Sales) = $600 That is, if Sales = 11 0 600 . $ = $5454.55 per week 13. Gross earnings = 0.033($50,000) + 0.044($50,000) + 0.055 ($40,000) = $6050.00 14. a. Earnings = $2000 + 0.022($227,000 – $150,000) = $3694.00 b. Average earnings = $2000 + 0.022($235,000 – $150,000) = $3870.00 For a straight commission rate to generate the same monthly earnings, Commission rate = 1.6468% 100% $235,000 $3870   15. a. Earnings = 0.05($20,000) + 0.075($20,000) + 0.10($14,880) = $3988.00 b. For the same earnings from a single straight commission rate, Commission rate  $54,880 = $3988.00 Commission rate = $54,880 $3988  100% = 7.26 7 % 16. Commission earned = $630.38 – $300 = $330.38 Hence, 0.03(Sales subject to commission) = $330.38 Sales subject to commission = 0.03 $330.38 = $11,012.67 Total sales = $11,012.67 + $20,000 = $31,012.67

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    Exercise 1. 3 (continued) 17. Commission earned in August = $3296.97 – $1500.00 = $1796.97 Hence, Commission rate ($151,342 – $100,000) = $ 51 , 342 Commission rate = $51,342 $1796.97  100% = 3.50% 18. Commission earned on first $90,000 of sales was 0.04($40,000) + 0.05($50,000) = $4100 Commission earned on sales in excess of $90,000 was $5350 – $4100 = $1250 That is, 0.06(Sales exceeding $90,000) = $1250 Sales exceeding $90,000 = 0.06 $1250 = $20,833.33 Total sales for the month = $90,000 + $20,833.33 = $110,833.33 19. Required monthly commission = $4000 – $2000 = $2000 Commission income on first $50,000 of monthly sales is 0.03($50,000 – $25,000) = $750 The combined commission and bonus rate on sales exceeding $50,000 is 3% + 3% = 6%. Hence, 0.06(Sales exceeding $50,000) = $2000 – $750 Sales exceeding $50,000 = 0.06 $1250 = $20,833.33 Required monthly sales = $70,833.33 Concept Questions (Section 1. 4 ) 1. You should calculate a weighted average when some of the values being averaged are more important or occur more frequently than other values . 2. The weighted average will equal the simple average when the items being averaged all have the same weighting factor. This will happen when each of the values being averaged has the same importance, or occurs the same number of times . 3. If you invest the same amount of money in each investment , each rate of return has the same importance. The portfolio’s rate of return will then equal the simple average of the individual rates of return.

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    Exercise 1. 4 1. Weight each number of TV sets per household by the number of homes with that number of TVs. The weighted average number of TVs per household in the survey sample is 254 0) (5 1) (140 2) (83 3) (22 4) (4          = 1.53 Based on the survey, we estimate the average number of TVs per household to be 1.53. 2. The weighted average cost per share is       1800 $21.75 300 $19.00 500 $15.63 1000   = $17.59 3 We should weight each "goals against" figure by the number of games in which that number was scored. GAA =               1 0 2 1 3 2 4 3 7 4 2 6 1 10 20       = 3.50 4. The amount of sales subject to each commission rate should be used as the weighting factor. a. The average commission rate will be       $60,000 6% $10,000 4% $20,000 3% $30,000   = 3.83% b. The average commission rate will be:       $100,000 6% $50,000 4% 20,000 3% $30,000   = 4.70% 5. The weighted average interest rate that willbe charged on the new $57,500 balance is ( ) ( ) 500 57 7 000 20 8 500 37 , , + , $ % $ % $ = 7.65% 6. The weighted grade point average is GPA =             5 2 3 3 2 7 4 3 3 2 17 3 3 0 4 2 0 5 3 4 2 3 4 . . . . . .           = 53 2 21 . = 2.53 7. Weight each score by the number of students who obtained that score. The weighted average score is               2 10 6 9 9 8 7 7 3 6 2 5 1 3 30       = 7.53 8. Weight each semester's GPA by the number of credits on which the respective GPA was obtained. The cumulative GPA is         6 3 5 9 3 0 12 2 75 7 5 3 2 6 9 12 7 5 . . . . . .       = 105 0 34 5 . . = 3.04 9. Note that the age of receivables (rather than the dollar amount of receivables) is to be averaged. The relative importance of each of the three age classifications is determined by the dollar amount in each category. Hence, the weighting factors are the respective dollar amounts of receivables. The (weighted) average age of accounts receivable is       $20,745 $907,350 $1325 $6850 $12,570 90 $1325 60 $6850 30 $12,570      = 43.74 days Exercise 1. 4 (continued)

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    10. The rate of return for the entire portfolio is the weighted average return on the five securities in the portfolio. Each rate of return should be weighted by the fraction of the money invested in the respective security. The rate of return on the portfolio is           1.00 27% 0.20 12% 0.35 13% 0.10 10% 0.20 14% 0.15      = 12.40% 11. a . The weighted average cost of units purchased during the year is       1800 $10.97 500 $10.47 1000 $10.86 300   = $10.67 b. The weighted average cost of the beginning inventory and units purchased during the year is     1956 $10.674 1800 $10.55 156  = $10.66 c. Value of ending inventory = 239  Weighted average cost = 239($10.66) = $2547.74 12. The weighted average price increase was       1.00 15% 0.50 5% 0.20 10% 0.30    = 9.50% 13. Each “Menu price as a % of cost” should be weighted by the fraction of revenue obtained from the respect         25 . 0 15 . 0 50 . 0 10 . 0 % 250 25 . 0 % 225 15 . 0 % 200 50 . 0 % 300 10 . 0       = 226.25% of input costs On average, Menu prices = 2.2625(Input costs) Therefore, Input costs = 2625 . 2 prices Menu = 0.44199(Menu prices) On average, input costs are 44.20% of revenue. 14. Period Balance No. of days 1st to 7th $35,000 7 8th to 24th $35,000 + $10,000 = $45,000 17 25th to 31st $45,000 – $20,000 = $25,000 7 The weighted average balance on the loan was       7 17 7 $25,000 7 $45,000 17 $35,000 7     = $38,225.81 Menu category Menu price (as % of cost) % of total revenue Appetizers 300 10 Entrees 200 50 Desserts 225 15 Beverage 250 25

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    Exercise 1. 4 (continued) 15. We want the average number of people working over the course of the year. The given figures for the number of employees added or laid off at various times are used to determine the cumulative number of people employed. Each number in the third column must be weighted by the number of months in the second column. The average number employed was             12 20 3 34 1 40 3 29 1 21 1 14 3      = 25.5 0 16. The given figures for the amount invested from time to time are used to determine the cumulative investment The (weighted) average investment was               12 $1000 57 4 63 2 76 1 99 3 72 1 57 1       = $71,333.33 17. Each number of shares in the third column must be weighted by the number of months in the second column. The (weighted) average number of shares outstanding was           12 million 1 25 7 2 5 6 5 6 3 5 2     . . = 6.25 million = 6,250,000 18. a. Each cost in the third column must be weighted by the amount of the ingredient in the Deluxe Nut Combo. The (weighted) average cost is         3 . 0 4 . 0 5 . 0 1 2 5 ) 40 . 6 ($ 3 . 0 ) 60 . 3 ($ 4 . 0 75 . 2 $ 5 . 0 50 . 11 $ 1 50 . 9 $ 2 95 . 2 $ 5           = $5.4 3 3/kg Lien’s average cost is $0.54 3 per 100 g b. The retail price is 1.50($0.543) = $0.8 1 per 100g . Period No. of months Number of employees Jan. 1 to Mar. 31 3 14 Apr. 1 to Apr. 30 1 14 + 7 = 21 May 1 to May 31 1 21 + 8 = 29 June I to Aug. 31 3 29 + 11 = 40 Sept. 1 to Sept. 30 1 40 – 6 = 34 Oct. 1 to Dec. 31 3 34 – 14 = 20 No. of Cumulative Period months investment Sept. 1 to Sept. 30 1 $57,000 Oct. 1 to Oct. 31 1 72,000 Nov. 1 to Jan. 31 3 99,000 Feb. 1 to Feb. 28 1 76,000 Mar. I to Apr. 30 2 63,000 May 1 to Aug. 31 4 57,000 No. of Number of shares Period months outstanding (millions) Jan. 1 to Feb. 28 2 5 Mar. 1 to May 31 3 5 + 1 = 6 June 1 to Oct. 31 5 6 + 0.5 = 6.5 Nov. 1 to Dec. 31 2 6.5 + 0.75 = 7.25 Weight Ingredient (kg) Cost per Kg Peanuts 5 $2.95 Cashews 2 $9.50 Almonds 1 $11.50 Sunflower seeds 0.5 $2.75 Raisins 0.4 $3.60 Smarties 0.3 $6.40

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    Exercise 1. 5 1. Quarter Sales – Purchases GST Remittance (Refund) 1 $155,365 $ 7768 . 25 2 (340,305) ( 17 , 015 . 25 ) 3 408,648 2 0 , 432 . 40 4 164,818 8240 . 90 2. H ST Remittance Month Sales – Purchases (Refund) March $(77,760) $( 10,108 . 8 0) April (8255) ( 1073 . 15 ) May 136,515 17,746 .9 5 June 114,875 14,933 . 75 3. The GST charged in each case will be 0.0 5 ($39,500) = $ 1975 .00 a. With no PST in Alberta, the total amount paid will be $39,500 + $ 1975 .00 = $4 1 , 4 75 .00 b. PST in Saskatchewan = 0.0 5 ($39,500) = $ 1975 .00 Total amount = $39,500 + $ 1975 .00 + $ 1975 .00 = $4 3 , 4 5 0.00 c. PST in Quebec = 0.0 9975 ($39,500) = $3 940.13 Total amount = $39,500 + $ 1975 .00 + $ 3 940.13 = $ 45,415.13 4. Cost in Manitoba = $1000 + GST + PST = $1000 + 0.05 ($1000) + 0.0 8 ($1000) = $11 3 0.00 Cost in PEI = $1000 + HST = $1000 + 0.1 4 ($1000) = $ 1000 + $ 140 = $11 40 .00 The consumer will pay $11 40 .00 – $11 3 0.00 = $ 1 0 .00 more in PEI . 5. a. The HST reported for a $ 39.45 (pre - tax) item is 0 .13($ 39.45 ) = $ 5.13 . b. The HST inclusive price is $39.45 + $5.13 = $44.58. If $50 cash is paid, change will be based on the rounded price of $44.60. Therefore, change will be $50 - $44.60 = $5.40 . 6. The H ST rate in New Brunswick is 1 3 %. For each $100 of pre - tax price, the tax - inclusive price must include H ST of $ 1 3 . That is, a tax - inclusive price is $11 3 includes $1 3 of HST . The HST is, therefore, 100% × $113 $13 = 11.50 % of the HST - inclusive price Consequently, a $495 tax - inclusive price includes H ST = 0.1 150 ×$495 = $ 56.93 7. Property tax = $3827.88 $227,000 1000 16.8629 = value Assessed 1000 rate Mill    8. a . 0.1 mill = $0.10 per $1000 of assessed value = $0.01 per $100 of assessed value b. Property tax increase = 0 1 1000 .  $200,000 = $20.00

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    Exercise 1. 5 (continued) 9. Total taxes = $467,000 1000 4.6423 $143,000 1000 15.0294    = $2149.204 + $2167.954 = $4317.16 10. a. Current year’s taxes =   $298,000 $100 $1.52193 $4535.35 Previous year's taxes =   $285,000 $100 $1.56324 $4455.23 Change in property taxes = $ 80.12 increase b. For the current year’s taxes to remain at $4455.23,  $100 rate tax New $298,000 = $4455.23 New tax rate =   $100 $298,000 $4455.23 $1.49504 per $100 of assessed value 11. a. Tax increase = Mill rate increase 1000  Assessed value $2,430,000 = Mill rate increase 1000  $6,780,000,000 Mill rate increase = 1000 $6,780,000 $2430  = 0.3584 Next year’s mill rate = 7.1253 + 0.3584 = 7.4837 b. Next year's assessment = 1.05($6.78 billion) = $7.119 billion Next year’s budget = Current year's taxes + $2,430,000 =  1000 1253 7 . $6.78 billion + $2,430,000 = $ 50,739,534 Next year’s school mill rate applied to next year’s assessment must generate enough tax revenue to meet next year’s budget. That is, $50,739,500 = billion $7.119 1000 rate mill New  New mill rate = 7.1273 $7,119,000 0 $50,739,50  12. Current budget = Last year’s budget + $750,000 = $750,000 + billion $1.563 $100 $0.94181  = $ 15,470,490.3 Current assessment = $1563 million + $97 million = $1660 million Hence, $15,470,490 =  $100 rate tax New $1660 million New tax rate = $0.93196 $1,660,000 $100 0 $15,470,49   That is, the tax rate would have to be $0.93196 per $100 of assessed value .

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    Review Problems 1. a.         8 2 20 3 8 2 2 20 3 2 2 3 2 3          = 25 – 20  10 = 25 – 2 = 23 b. 4     5 4 10 2 3 2 2 3 2      = 4(2  9 – 8) 2 ÷ (10 – 20) = 4  10 2 ÷ ( – 10) = – 40 c. $213.85 1 0 095 5 12         . = $213.85(1 – 0.039583) = $205.39 d. 365 77 0.0825 1 $2315   = 1.0174041 $2315 = $2275.40 e. $325.75 1 0 105 4 2         . $325.75(1.053189) = $343.08 f.   1.145266 $710 1 $710 3 2 0.0925   = $619.94 g. $885.75 365 49 0.0775 1 $476.50 365 231 0.0775 1            = $885.75(1.049048) – 1.010404 $476.50 = $929.194 – $471.593 = $457.60 h . $859   3 2 0.0825 12 0.0825 $682 1 12 1          = $859(1.020767) + 1.013797 $682 = $876.839 + $672.718 = $1549.56 2. a. 96 – (6 – 4 2 ) x 7 – 2 = 96 – ( – 10)7 – 2 = 164 b. 81 ÷ (5 2 – 16) – 4 (2 3 – 13) = 81 ÷ 9 – 4( – 5) = 29 c.            365 41 0.125 1 $531.49 0.125 1 $827.69 365 273 =  1.093493 $827.69 $531.49(1.014041) = $756.923 + $538.953 = $1295.88 d. $550.45 365 99 0.0875 1 $376.29 365 195 0.0875 1            = $550.45(1.046747) – 1.023733 $376.29 = $208.62 e. $1137   3 12 0.0975 2 1 $2643 12 0.0975 1          = $1137(1.016316) + 1.024574 $2643 = $3735.16 3. 0.62 x 99 = $61.38 Review Problems (continued)

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    4. 0.80 x $156.25 = $125.00 5. 0.0075 x$ 133. = $1 .00 6 . Two hours = 2(60) = 120 minutes 0.125 x 120 = 15 minutes 7 . Actual profit = 0.90 x $23,400 = $21,06 0 .00 8 . Price increase = 0.35 × $2.20 = $0.77 Selling price = $2.20 + $0.77 = $2.97 per share 9. a. Gross biweekly earnings = 26 $56,600 = $2176.92 Equivalent hourly wage = 37.5 2 $2176.92  = $29.03 b. Total remuneration = $2176.92 + 4.5(1.5) $29.03 = $2372.87 10. Gross biweekly earnings =  26 $61,000 $2346.15 Equivalent hourly rate =  75 $2346.15 $31.28 Gross pay = $2346.15 + 33(1.5)$31.28 = $3894.51 11. Total hours worked = 41 hours Overtime hours worked = 1.5 (on Wednesday)+ 0.5 (on Friday) = 2 hours Regular hours worked = 41 – 2 (hrs of overtime) – 3 (hrs on stat holiday) = 36 hours Regular earnings = 36($42.50) = $1530.00 Overtime pay = 2(1.5)$42.50 = $127.50 Holiday pay = 7.5($42.50) = $318.75 Holiday premium = 3(2)$42.50 = $255.00 Gross earnings = $2231.25 12. Gross earnings = $1000 + 0.08($10,000) + 0.10($38,670 – $30,000) = $2667 13. Commission earnings = Commission rate (Sales – $40,000) $3188.35 – $1000 = Commission rate ($88,630 – $40,000) Commission rate =  $48,630 $2188.35 100% = 4.50%

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