- Multiple Choice Questions (Choose the correct answer to each problem)(40 points)

Q1.Suppose you set up a new IRA(Individual Retirement account) that pays an APR of 8.2% compounded monthly. If you contribute $130 per month for 11 years, how much will the IRA contain at the end of that time?

(a). $27,718.12 (b). $29, 833.18 (c). 32,836.83 (d). 34,830.65

Q2.Suppose you want your daughter's college fund to contain $125,000 after 14 years. If you can get an APR of 7.8% compounded monthly, how much should you deposit at the end of each month?

(a). $398.54 (b). $406.64 (c). 412.50 (d). 476.83

Q3.Suppose you have 15 months in which to save $1800 for a vacation cruise. If you can earn an APR of 3.7% compounded monthly, how much should you deposit at the end of each month?

(a). $117.43 (b). $121.78 (c). 124.84 (d). 132.47

Q4. In general, which of the following types of investment carries the most risk?

(a). Small company stocks (b). Large company stocks

(c). Long - term corporate bonds (d). U.S Treasury bills

Q5.Consider a typical 30-yearfixed - ratemortgage. During which of the years is the highest portion of each payment applied towards interest?

(a). First year (b). Tenth year (c). Twentieth year (d). Thirtieth year

Q6.Suppose you apply for a 7 - yearloan in the amount of $17,000 with an APR of 10%. Your monthly payment is $282.22. Determine the total amount of interest paid over the 7 - years.

(a). $6706.48 (b). $9706.48 (c). $11,900.00 (d). $23,706.4

Q7.Calculate the monthly payment for a home mortgage of$98,000 with a fixed APR of 6.25% for 30 years.

(a). $425.35 (b). $561.46 (c). 603.40 (d). 716.31

Q8. Suppose you take an auto loan of $19,800 over a period of 4 - years at an APR of 5.5%. To the nearest $100, determine the total amount of your payment over the term of the loan.

(a). $22,000 (b). $22,100 (c). 22,200 (d). 22,300

Q9.A survey showed that 16% of 1400 Colorado residents surveyed want the legalization of marijuana repealed. Identify the population.

(a). 16% of the residents surveyed who want the law repealed

(b). 1400 Colorado residents

(c). All the residents of Colorado

(d). The percentage of all Colorado residents who want the law repealed.

Q10. A survey showed that 16% of 1400 Colorado residents surveyed want the legalization of marijuana repealed. Identify the statistic.

(a). 16% of the residents surveyed who want the law repealed

(b). 1400 Colorado residents

(c). All the residents of Colorado

(d). The percentage of all Colorado residents who want the law repealed.

Q11.In a study to determine the most popular automobile on the road, which of the following is the biased sample?

(a). The cars parked at an airport (b). The cars parked at a local high school

(c). The cars that drive by your house (d). The cars driving on the highway

Q12.In a study to determine the percentage of college students who read the newspaper, which of the following is the best sample.

(a). Every 20^th student who walks by the student center (b). First 50 students who arrives at a movie

(c). The freshman at a particular school (d). The students in a computer class.

Q13.Which of the following describes a variable not intended to be partof a statistical study?

(a).A variable of interest (b). False conclusion

(c). Confounding variable (d).Availability error.

Q14.Which of the following describes the bias that occurs when participants are self - selected?

(a). Participation bias (b). Availability error (c). Selection bias (d). No bias

Q15. A researcher is studying end-times beliefs of Christians by surveying members of his Methodist Church.This study may suffer from what type of bias.?

(a). Participation bias (b). Availability error (c). Selection bias (d). No bias

Q16.Every half-hour three candy bars are pulled from the assembly line and tested for quality.This study may suffer from what type of bias?

(a). Participation bias (b). Availability error (c). Selection bias (d). No bias

Q17.Which of the following wouldmost likely be used to display qualitative data?

(a). Bar graph or histogram (b). Bar graph or line chart

(c). Histogram or line chart (d). Pie Chart or bar graph

Q18.Which of the following describes quantitative data?

(a). The identification numbers of voters

(b). The numbers on football jerseys

(c). The colors of the cars in the parking lot

(d). The number of commercial airings during an hour of network television.

Q19.Which of the following describes a statistical graph that plots three or more related quantities simultaneously?

(a). Contour map (b). Three-dimensional graph

(c). Multiple bar graph (d). Pictograph

Q20. Which of the following describes a statistical graph where each category has its own wedge and the wedges are displayed on top of one another?

(a). Stack plot (b). Contour map

(c). Multiple bar graph (d). Pictograph