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- 1. Multiple Choice
Change 6.5% to a decimal
.65
6.5
.065
.065%
- 2. Multiple Choice
Steve deposited $5,000 in a savings account that pays 4% interest compounded annually.
Which equation could be used to find the value of the account after 3 years?
A = 5,000(1 + 4)3
A = 5,000(1 + 0.04)3
A = 5,000(1 + 0.4) x 3
A = 5,000(0.04)3
- 3. Multiple Choice
The Arnold's took out a loan for a home. The amount was $195,000 at a 4% interest rate compounded annually, how much will they have paid after 30 years?
$412,489.75
$529,586.31
$632,462.51
$640,891.12
- 4. Multiple ChoiceKarla invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Karla earn in 15 years?$1,584.62$2,651.39$2,706.86$1,825.10
- 5. Multiple ChoiceEmily would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.$15,415.94$15,683.28$15,927.56$16,109.05
- 6. Multiple ChoicePrincipal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.$12712.31$12,749.30$12,657.59$12550.84 - 7. Multiple ChoiceGiven an investment of $1,500:
Which investment would have a larger balance after 5 years?
Option 1 - 4% compounded monthly
Option 2 - 3.9% compounded daily.Option 1Option 2 - 8. Multiple Choice
Cora invested $400 at a rate of 35% for 8 months, compounded continuously. How much is her investment worth after 8 months?
$520.07
$505.12
$460.11
$7,643.74
- 9. Multiple Choice
What does the n stand for in this formula?
Initial amount
Final amount
Rate
Time
The number of times compounded per year
- 10. Multiple Choice
Karla invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually.
Which exponential equation can be used to find how much money Karla will earn in 15 years?
- 11. Multiple Choice
Which of the following exponential equations is the formula for compound interest?
- 12. Multiple Choice
Quarterly means how many times a year?
4
2
1
6
- 13. Multiple Choice
Annually means how many times a year?
4
2
1
6
- 14. Multiple Choice
Semi-Annually means how many times a year?
4
2
1
6
- 15. Multiple Choice
Monthly means how many times a year?
4
12
52
365
- 16. Multiple Choice
What does the r stand for in this formula?
Initial amount
Final amount
Rate
Time
The number of times compounded per year
- 17. Multiple Choice
What does the P stand for in this formula?
Initial amount
Final amount
Rate
Time
The number of times compounded per year
- 18. Multiple ChoiceKennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?$4915.59$3933.28$2979.81$4005.09
- 19. Multiple ChoiceYou borrowed $1,690 for 5 1/2 years at an interest of 5.7% compounded annually. How much extra did you pay by taking out the loan?$602.45$2,292.45$1,87.55$3,982.45
- 20. Multiple Choice
Jenny invests $7,530 in a savings account with a fixed annual interest rate compounded continuously. After 8 years, the balance reaches $12,169.04. What is the interest rate of the account?
4%
5%
6%
7%
- Answer choicesTagsAnswer choicesTags