Question

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1 Nathan bought a pair of boots for $79.95 and 2
shirts for $19.99 each. The sales tax is 7.5%. How
much did Nathan pay for all the items, including
tax?
A $99.94
B $119.93
C $128.92
D $147.95
2 Use the information below for 2—4.
Alicia’s gross monthly pay is $1,700.
Alicia pays 10.5% of her monthly income in federal
withholding. How much federal withholding
does she pay?
A $10.50
B $17.00
C $161.90
D $178.50
3 Alicia pays 1.25% of her monthly salary for
Medicare. How much does she pay?
A $12.50
B $21.25
C $170.50
D $125.25
4 Alicia pays 5.7% of her monthly salary for Social
Security. How much does Alicia pay?
A $0.96
B $9.69
C $96.90
D $969.90
5 Each year on the same day, Susan deposits $175
into a savings account that earns simple interest at
a rate of 3.5%. She makes no withdrawals. How
much interest does Susan’s account earn after 5
years?
A $18.38
B $30.65
C $61.25
D $91.89
6 Brody deposited $500 into an account that earns
4.2% interest compounded annually. He makes
no additional deposits and no withdrawals. How
much interest will the account have earned after 7
years?
A $167
B $420
C $542
D $665
7 Adrian can purchase an 11-pound item from
several different sellers. Which is the best buy?
A Buy online for $50 plus pay shipping and
handling costs of $0.89 per pound.
B Buy online for $57 plus pay shipping and
handling costs of $0.49 per pound.
C But at a local store where the price is $60 and
use a $5-off coupon.
D Buy at a local store where the item’s regular
price is $58 and it is on sale for 10% off.

Answer 1

1 C
2 D
3 A
4 C
5 B
6 A
7 D

Answer 2

1)

c=(107.5/100)(79.95+2(19.99))

c=1.075(79.95+39.98)

c=1.075(119.93)

c=128.92475

c≈$128.92 (to nearest cent)

2)

w=1700(10.5/100)

w=$178.50

3)

m=1700(1.25/100)

m=$21.25

4)

ss=1700(5.7/100)

ss=$96.90

5)

I=175(.035)*5+175(.035)*4+175(.035)3...

I=175(.035)(5+4+3+2+1)

I=175(.035)(15)

I≈$91.89 to nearest cent

6)

I=Pr^t-P

I=500(104.2/100)^7-500

I=500(1.042^7-1)

I≈$167.00 to nearest dollar

7)

A=(50+11*0.89)/11≈$5.44 per lb

B=(57+11*0.49)/11≈$5.67 per lb

C=(60-5)/11=$5.00 per lb

D=(58*(100-10)/100)/11≈$4.75 per lb

So D is the best deal at just $4.75 per lb.