Biology Forums - Study Force

Driver Buckley lives in a state having no-fault auto insurance. Goodroads Insurance Company insures Buckley for no-fault insurance only. Buckley's car is struck by a truck while waiting at a stop light. Medical expenses for Buckley and passenger are 547 . Repairs to Buckley's car cost 320 . Six months later, a car backs out of an alley and hits Buckley's car, causing medical expenses of 950 for Buckley and passenger and 1,249 for repairs to Buckley's car. Compute the amount Goodroads Insurance Company pays for Buckley's involvement in accidents this year.

Q. 2

Frances Koo has 43,800 in an investment account that pays her interest at 10 compounded semiannually. Frances will withdraw a specific amount (always the same) every six months for 11 years. After the last withdrawal, the account will be empty. Compute the amount that she will withdraw every six months. Use Tables 23-2A and 23-2B or a calculator.

Q. 3

Drivers Miller and Taylor live in a state having no-fault auto insurance. Taylor causes an accident by hitting Miller's bike. Taylor is not hurt. Miller spends five days in the hospital at a cost of 6,400 . Compute the amount each driver's insurance company pays toward medical expenses.

Q. 4

For the next two years, Walter and Beatrice Winetrout want to send 500 per month to their daughter in college. To make these payments, compute the amount that the Winetrouts should deposit today into an investment that will return 12 compounded monthly. Use Tables 23-2A and 23-2B or a calculator.

Q. 5

Drivers Harris and Stein live in a state having no-fault auto insurance. Stein causes an accident by hitting Harris's car. Stein is not hurt. Harris spends three days in the hospital at a cost of 5,300 . Compute the amount each driver's insurance company pays toward medical expenses.

Q. 6

Rick Rios has an asphalt paving business. He is trying to calculate whether he should replace some of his current equipment. Rick estimates that he will spend 8,00 . every 6 months over the next 4 years to maintain the current equipment. At a rate of 8 compounded semiannually, what is the total present value of the estimated maintenance payments? Use Tables 23-2A and 23-2B or a calculator.

Q. 7

Thomas Insurance Company does business in a state having no-fault insurance. Driver Jones is insured by Thomas Insurance Company and carries only no-fault insurance. Jones skids on a curve and hits a fruit stand. Medical expenses for Jones are 720 and are 630 for the only passenger. Repairs to the car cost 1,300 . Repairs for the fruit stand cost 420 . Compute the amount Jones and Thomas Insurance Company each had to pay toward repairs and medical expenses.

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