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- 1. Multiple Choice
A student's parents invested $5,000 in a college savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made. Which amount is closest to the interest earned on the account at the end of 15 years?
$5,174.11
$10,174.11
$3,637.50
$8,637.50
- 2. Multiple Choice
Mr. Jenkins deposited $1,250 into an account. He made no additional deposits or withdrawals. Mr. Jenkins earned 4.25% annual simple interest on the money in the account. What was the balance in dollars and cents in Mr. Jenkins's account at the end of 4 years?
$1,476.43
$226.43
$212.50
$1,462.50
- 3. Multiple Choice
An employee put $5,000.00 in a retirement account that offers 9% interest compounded annually. The employee makes no additional deposits or withdrawals. Which amount is closest to the interest the employee will have earned at the end of 5 years?
$229.09
$450.00
$2,250.00
$2,693.12
- 4. Multiple Choice
An investor puts $2,500 into a life insurance policy that pays 8.5% simple annual interest. If no additional investment is made into the policy, how much accumulated interest should the investor expect at the end of 10 years?
$21,250.00
$2,125.00
$212.50
$21.25
- 5. Multiple Choice
Mr. and Mrs. Steele deposited $8,000 to open a college savings account for their granddaughter on the day she was born. The account pays 5% simple interest annually. If they made no other deposits or withdrawals since then, how much money would be in the account after 18 years?
$7,200
$8,000
$15,200
$19,253
- 6. Multiple Choice
Michelle has a balance of $950 in a savings account that pays 3% interest compounded annually. If Michelle makes no deposits or withdrawals, how much money will be in her savings account after 2 years?
$954.81
$1,004.00
$1,007.00
$1,007.86
- 7. Multiple Choice
Brady deposited $600 into a new savings account that earns 2.5% simple interest. If Brady makes no other deposits or withdrawals, how much interest will the account have earned after 5 years?
$15
$70
$75
$125
- 8. Multiple Choice
The current balance in Marianne's savings account is $525. The account pays 3.5% compounded annually. If she makes no deposits or withdrawals for the next 4 years, her savings account balance will be-
$588.00
$590.89
$598.50
$602.45
- 9. Multiple Choice
$96.25
$1.32
$97.57
$193.82
- 10. Multiple Choice
$672.13
$695.00
$694.25
$694.51
- 11. Multiple Choice
A
B
C
D
- 12. Multiple Choice
Dominic opened a savings account with a $500 deposit. His account pays 2% simple interest annually. Evie also opened a savings account with a $500 deposit. Her account pays 2% interest compounded annually. How much more interest will Evie's $500 deposit have earned after 3 years than Dominic's $500 deposit in the same amount of time?
$0.60
$12.50
$30.00
$30.60
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