ECOR 3800 - Mock Exam with some Solutions.pdf

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Department
Engineering Common Core Courses
Course
ECOR 3800
Professor
Muslim Majeed
Semester
Winter

Description
Mock Exam with Solutions Similar to Question (1)-A 4.36 A couple is planning to finance its three-year-old son’s college education. Money can be deposited at 6% compounded quarterly. What quarterly deposit must be made from the son’s 3rd birthday to his 18th birthday to provide $50,000 on each birthday from the 18th to the 21st? (Note that the last deposit is made on the date of the first withdrawal.) Similar to Question (1)-B 3.4 You are about to borrow $10,000 from a bank at an interest rate of 9% compounded annually. You are required to make five equal annual repayments in the amount of $2,571 per year, with the first repayment occurring at the end of year 1. Show the interest payment and principal payment in each year. Similar to Question (2)-A 3.37 Mock Exam with Solutions Question (3)-A 5.36 An electric motor is rated at 10 horsepower (HP) and costs $800. Its full load efficiency is specified to be 85%. A newly designed, high-efficiency motor of the same size has an
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