Section I: Problem Solving-Fill in the Blanks (Maximum Points - 30) Note: Write your answer in slear and Iegible hand provided on your Answer Sheet. You must show all appropriate units. You need correctly to score the maximum 30 points. Thess points per correct answer I. At MKBK Plastics handwriting in the blank for the respective question to answer es Inc., an injection-molded part has been estimated to cost $1.05 a piece (S0.8o for expenditures of $50,000 have been incurred to make 5 million of 12 months. After delivering 2 million pieces, a better material was found at a a piece. However, the new material requires some modification to the existing can the company afford to spend on this modification to realize cost savings of at least contract? Note that, it will delay the delivery of the part and the cost of the delay is material and S0.25 for labor) Initial an of parts over a period reduced pri tooling. How much ce $O.70 S100,000 S123 estimated to be $150,000. 2. Gold cost about $100 an ounce in 1971. In 2007, the cost of an ounce of gold is hovering around $800. At rate did the price of gold increase from 1971 to 2007? Write your answer as a percentage with two decimal places, e.g. L23% Labor=16.8 hours at $15.87hour, Factory overhead- Packingcost-10% of labor, subcontract costs Profit-20% of selling price i50% of labor, Material costs-S50.10, $ 10.20; Sales commission-1096 of selling price, and What is the unit selling price? Write your answer in dollars with two decimal places.o.g.S1.23 4. Nicole wishes to double her investment in 4 years, if a bank offers her an interest rate that will enable her wish to come true. Assuming the interest is compounded weekly, what is nominal annual interest rate that the bank will have to offer for her wish to come true? Write your answer as a percentage with two decimal places-ea123%