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Chapter 2 Part 2 Test 2024

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Last updated about 1 year ago
20 questions
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Question 1
1.

Francis deposits $40 into her savings every time she is paid. She is paid semimonthly, and her account earns 1.75% compounded semimonthly. How much money will she have at the end of six years?

Question 2
2.

Find the simple interest on a $5,049 principal, deposited for 9 years at a rate of 2.3%. Round to the nearest cent.

Celine deposits $11,700 in a savings account that pays 4.25% interest, compounded semi-annually.
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Question 3
3.

How much money will Celine have after 6 years?

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Question 4
4.

How much interest will Celine have earned after 6 years?

Question 5
5.

How much money would Mr. Garcia have on a $48,000 deposit for 82 months at 5.47% interest, compounded continuously?

Question 6
6.

Sandra is 8 years old and needs $38,000 for college. Her parents want to start saving for college with their savings account which makes 2.1% interest and is compounded monthly. How much must Sandra's parents deposit monthly in order to make enough money by the time she is 18?

Question 7
7.

Deadpool deposits $15,000 into a 6-year CD at an interest rate of 3.9%, compounded weekly. What is the annual percentage yield? Round to the nearest hundredth.

Question 8
8.

Austin has a savings account that compounds continuously. He is going to deposit $23,000 from saving his money in the Army for 4 years at a rate of 2.5%. How much money will have in 4 years?

Question 9
9.

Pepito would like to have $4,500 for a vacation for his family in 3 years. His CD will pay him 2.6%, compounded monthly. How much money does he need to deposit today to earn that amount?

Question 10
10.

Owen needs to figure out how much interest he has made in the last 9 years. He started with $9,800 at a simple interest rate of 2.35%. How much interest did he make?

Question 11
11.

Federico deposited $550 into an account every two weeks (biweekly) that yields a 2.9% interest, compounded biweekly. How much is in the account after 90 months?

Question 12
12.

Match the correct problem to the formula you would use.
I. Andrea needs $1,000 for her Morgan Wallen concert. How much money does she need to save each month for the year at a rate of 1.3%, compounded monthly?

II. Daniel is putting $3,000 into an account that yields 3.4% compounded semi-annually for 4 years. How much money will he have after 4 years?

III. Bradley wants to buy a vehicle and needs $8,000 in 2 years. How much does he need to deposit today if his account compounds daily at a rate of 2.3%?

Draggable itemarrow_right_altCorresponding Item
III.
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Present Value of a Single deposit
II.
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Future Value of a Single Deposit
I.
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Present value of a periodic deposit
Question 13
13.

Determine the limit of the following function:





Question 14
14.

What equation would you use to find the answer to the following question?
Anthony wants to go on a $7,000 vacation to the Dominican republic in 4 years. How much does he need to deposit today if the account yields 2.3% and is compounded monthly?

Question 15
15.

Katie wants to install a pool in five years. She will need $78,000 to cover the cost. How much should she deposit monthly into an account that pays 3.4% interest compounded monthly in order to reach this goal?

Question 16
16.

Green Goblin deposits $65,000 into a 3-year CD at an interest rate of 4.15%, compounded weekly. What is the annual percentage yield(APY)? Round to the nearest hundredth(two decimal places!).

Question 17
17.

Find the simple interest on a $35,000 principal, deposited for 5 years at a rate of 5.54%.

Question 18
18.

Linda and Rob open an online savings account that has a 3.6% annual interest rate, compounded monthly. If they deposit $1,200 annually how much will be in the account after 10 years?

Question 19
19.

Gavin wants to save $3,000 to go on vacation in five years. He needs to deposit money today, which will be compounded daily at 3.2%. How much money should he deposit to earn his $3,000?

Question 20
20.

Mia invested $60,000, continuously compounded at a rate of 4.5%. How much money will she have after 4 years?