Purpose: Confirm Chapter 5 (geometric series) and computational fluency before tackling annuities.
Prerequisite Skills
Question 1 [2 marks]
Convert: 7.5% as a decimal; 0.0875 as a percent.
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Question 2 [3 marks]
Evaluate \( 1.04^5 \) and \( (1.005)^{36} \) using a calculator. Round to four decimals.
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Question 3 [3 marks]
Use the geometric series formula \( S_n = \frac{a(r^n - 1)}{r - 1} \) to find \( S_{12} \) for \( a = 100, r = 1.005 \).
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Question 4 [3 marks]
Solve for \( P \): \( 5000 = P(1.06)^{10} \). Round to nearest dollar.
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Question 5 [3 marks]
If a 6% annual rate is compounded monthly, what is the periodic rate? Quarterly?
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Question 6 [3 marks]
A pizza costs \$15 today. If prices rise 3% per year, what will it cost in 5 years?
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Reflection
Question 7 [Reflection]
Mortgages, RRSPs, RESPs, credit cards — which financial concept do you find most confusing? What questions do you have?
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