Chaper 1 Powerpoint Marketing

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03-62-194 Practice Questions Last Update: March 21, 2013 Many of these exercises are from the course text book Mathematical Applications For the Management, Life and Social Sciences, Second Custom Edition for 03-62-194. This custom edition consists of selections from Mathematical Applications For the Management, Life and Social Sciences”, Eighth Edition, by Ronald J. Harshbarger and James J. Reynolds. The publisher is Nelson Education. Other questions my come from the For many of the questions solutions are not given to encourage you to try the problems yourself or with a group in your class. The odd numbered questions from the text have an answer in the back of the text so you can check your solution. I am happy to discuss any of the practice questions in the tutorial or during my office hours. You can also get help from the Math and Stats Learning Centre (ER 3125).

(1) You need to borrow $100, 000 to start your business. You can borrow from the bank at 10% interest and you can borrow from your life insurance policy at 12%. Your business plan budgets for $10, 100 in interest payments in the first year. How much do you borrow from the bank, and how much do you borrow from your life insurance? Solution. Step 1: Define the variables. Let B be the amount, in dollars, to be borrowed from the bank and let L be the amount, in dollars, to be borrowed from the life insurance policy. Step 2: Set up the mathematical problem. We have two equations. The first equation states that the total amount to be borrowed is $100, 000. That is, we must have B + L = 100, 000. The second equation states that the interest to be paid is $10, 100. That is, 0.1B + 0.12L = 10, 100. Together they give the following system of two equations in two variables. B + L = 100, 000 0.1B + 0.12L = 10, 100 (1) (2)

Step 3: Solve the mathematical problem. We create the augmented matrix and reduce it. We have…...

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