Application Multiple Choice Identify the choice that best completes the statement or answers the question. 11. It is estimated there are 2 500 000 cars on the road in the Toronto region. If the rate of growth is expected to be 7.5% each year for the next ten years, how many cars are likely to be on the road at time? a. 2 687 500 b. 3 589 073 c. 5 152 579 d. 10 619 628 12. A new car costs you $16 000 to buy today. The cost of a new car is expected to rise by 7.5% per year over the next five years. At this rate, how much will the new car cost you in five years time? A. $21 367.51 b. $22 970.07 C $23 120.70 d. $24 692.82 13. A $3000 savings bond is purchased during a recent provincial campaign. The interest rate increases every year according to this table. The interest is paid annually and added to the principal invested in the bond. Year Interest Rate (%) 4.4 8 4 5.3 5.7 What is the value of the bond at the end of year 3? a. $3123.00 b. $3260.41 c. $3416.91 d. $3598.01 14. A $3000 savings bond is purchased during a recent provincial campaign. The interest rate increases every year according to this table. The interest is paid annually and added to the principal invested in the bond. Year Interest Rate (%) 4. 5.3 5.7 What is the value of the bond at the end of the five-year term? a. $3416.91 b. $3598.01 c. $3803.10 d. $4041.25 15. In October, Judy uses the automated banking machine (ABM) 13 times to withdraw money from her account. She uses a cheque to pay the rent at the beginning of the month. Each month, she has her student loan payment, car payment, and car insurance premium automatically taken out of her account. Judy's job pays her i-monthly y and she deposits the pay cheque electronically in her account as soon as she gets it. How many transactions are made to Judy's account for the month of October? a. 13 b. 14 C. 17 d. 19