## Question

# 1.Charles earns an annual salary of $72,100 paid biweekly based on a regular workweek of 36.25 hours. His company generously pays all overtime at twice

1.Charles earns an annual salary of $72,100 paid biweekly based on a regular workweek of 36.25 hours. His company generously pays all overtime at twice his regular wage. If Charles worked 85.5 hours over the course of two weeks, what are his gross earnings?

2.In the current year, a small Holiday Inn franchise had sales of $1,800,000, fixed costs of $550,000, and total variable costs of $750,000. Next year, sales are forecast to increase by 25% but costs will remain the same. How much will net income change (in dollars)?

3.A transit company wants to establish an easy way to calculate its transit fares. It has determined that the cost of a transit ride is $1.00, with expenses of 50% of cost. It requires $0.75 profit per ride. What is its markup on cost percentage?

4.Time Bomb Traders Inc. in Burnaby just received an invoice dated February 17 (of a leap year) from UrbanEars headphones in the amount of $36,448.50 with terms of 1/15, /30, n/45 ROG. The items on the invoice are received on March 3. What amount is the full payment if UrbanEars receives it on March 18?

5.Markus failed to make three payments of $2,500 scheduled one year ago, nine months ago, and six months ago. As his creditor has successfully sued Markus in small claims court, the judge orders him to pay his debts. If the court uses a simple interest rate of 1.5% per month, what amount should the judge order Markus to pay today?

6.An investor places $30,500 into a short-term 120-day GIC at the Bank of Montreal earning 0.5% simple interest. The maturity value is then rolled into another short-term 181-day GIC earning 0.57% simple interest. Calculate the final maturity value.

7.A $12,600 promissory note was issued on March 13 with a term of 120 days. It acquired $541.37 of interest. What was the annual interest rate on the promissory note?

8.A Government of Canada V121780 issue 364-day T-bill achieved its highest rate of return on May 17, 2000, with a yield of 6.31%. It realized its lowest rate of return on May 6, 2009, with a yield of 0.42%. Calculate the purchase price of a $55,000 T-bill on each of these dates. In dollars, how much more yield did an investor realize in 2000 than in 2009?

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