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1.Karim works in a retail computer store. He receives a weekly base salary of \$400 plus a commission of 3% of sales exceeding his quota of \$25,000 per week. What are his total sales for a week in which he earns \$730.38? Answer to the nearest cent.

Total: 3 marks

2.Arcelor Mittal Dofasco can buy iron ore pellets from Minnesota at US\$130 per short ton (2000 pounds) or from Labrador at C\$175 per metric tonne (1000 kg). Which source is more expensive and by how much in C\$ per metric tonne? (1 pound = 0.4536 kg, C\$1.1400 = US\$1.00) Weight and currency calculations should be to 4 decimal places; final answer rounded to the nearest cent.

Total: 5 marks

3.Central Ski and Cycle purchased 50 pairs of ski boots for \$350 per pair less 30% and 10%. The regular rate of markup on selling price of the boots is 50%. The store’s overhead is 25% of the selling price. During a January clearance sale, the price was reduced to \$325 per pair. What is the rate of markdown and what was the profit or loss on each pair of boots at the sale price? Answer to the nearest cent.

Total: 6 marks

4.Ramon wishes to replace payments of \$900 due today and \$500 due in 22 months by a single equivalent payment 18 months from now. If money is worth 4.8% compounded monthly, what should that payment be? Interim calculations to 3 decimals, final answer rounded to the nearest cent.

Total: 7 marks

5.Rounded to the nearest quarter year, how long will it take an investment to quadruple if it earns 8% compounded semi-annually?

Total: 7 marks

6.A life insurance company pays investors 5% compounded annually on its five-year GICs. For you to be indifferent as to which compounding option you choose, what would the nominal rates have to be on GICs with quarterly compounding? Interim calculations should be to 5 decimal places; final answer to the nearest .01%

Total: 6 marks

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