Chapter 2 Part 2 Tests 2024

Last updated over 1 year ago

20 questions

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Chapter 2 Part 2 Tests 2024

Last updated over 1 year ago

20 questions

Rachel deposits $10,600 in a savings account that pays 2.35% interest, compounded semi-annually. 

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Jenna deposits $50 into her savings every time she is paid. She is paid biweekly and her account earns 1.75% compounded biweekly. How much money will she have at the end of five years?

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Seth needs to figure out how much interest he has made the last 7 years. He started with $5,800 at a simple interest rate of 2.65%. How much interest did he make?

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Find the simple interest on a $2,039 principal, deposited for 8 years at a rate of 1.9%. Round to the nearest cent.

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Austin has a savings account that compounds continuously. He is going to deposit $23,000 from saving his money in the Army for 3 years at a rate of 3.7%. How much money will have in 3 years?

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Draggable item		Corresponding Item

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Find the simple interest on a $32,000 principal, deposited for 4 years at a rate of 4.45%.

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Green Goblin deposits $85,000 into a 4-year CD at an interest rate of 5.14%, compounded weekly. What is the annual percentage yield(APY)? Round to the nearest hundredth.

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How much money would Mrs. Galindo have on a $45,000 deposit for 74 months at 5.45% interest, compounded continuously?

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Determine the limit of the following function:

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Gavin wants to save $5,000 to go on vacation in five years. He must deposit money today, which will be compounded daily at 3.2%. How much money should he deposit to earn his $5,000?

Rachel deposits $10,600 in a savings account that pays 2.35% interest, compounded semi-annually. 

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How much money will Rachel have after 8 years?

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How much interest will Rachel have earned after 8 years?

Elisa is 10 years old and needs $35,000 for college. Her parents want to start saving for college with their savings account that makes 2.3% interest and is compounded monthly. How much must Elisa's parents deposit monthly in order to make enough money by the time she is 18?

$29,122.88

$284.86

$317.10

$332.42

Jenna deposits $50 into her savings every time she is paid. She is paid biweekly and her account earns 1.75% compounded biweekly. How much money will she have at the end of five years?

Seth needs to figure out how much interest he has made the last 7 years. He started with $5,800 at a simple interest rate of 2.65%. How much interest did he make?

Spiderman deposits $18,000 into an 8-year CD at an interest rate of 3.8%, compounded weekly. What is the annual percentage yield? Round to the nearest hundredth.

3.98%

35.67%

3.87%

3.55%

Find the simple interest on a $2,039 principal, deposited for 8 years at a rate of 1.9%. Round to the nearest cent.

Pancho would like to have $3,500 for a vacation for his family in 3 years. His CD will pay him 2.9%, compounded monthly. How much money does he need to deposit today to earn that amount?

$4,162.69

$3,208.71

$93.17

$2,475.47

Frederico deposited $250 into an account every month that yields a 1.9% interest, compounded monthly. How much is in the account after 90 months?

$246,447.78

$119,732.81

$24,161.55

$288.26

Austin has a savings account that compounds continuously. He is going to deposit $23,000 from saving his money in the Army for 3 years at a rate of 3.7%. How much money will have in 3 years?

Match the correct problem to the formula you would use.
I. Alyssa 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. Brayden 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%?

III. David 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?

Draggable item		Corresponding Item
III.		Present Value of a Single deposit
I.		Future Value of a Single Deposit
II.		Present value of a periodic deposit

Find the simple interest on a $32,000 principal, deposited for 4 years at a rate of 4.45%.

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 4.5% interest compounded monthly in order to reach this goal?

$986.14

$1,161.66

$1,194.47

$62,310.48

Billy deposits $180 every quarter into an account that yields 2.6% interest compounded quarterly. How much will he have in 3 years?

Green Goblin deposits $85,000 into a 4-year CD at an interest rate of 5.14%, compounded weekly. What is the annual percentage yield(APY)? Round to the nearest hundredth.

How much money would Mrs. Galindo have on a $45,000 deposit for 74 months at 5.45% interest, compounded continuously?

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

Future value of a periodic deposit

compounding interest(future value of a single deposit)

Simple interest

Present value of a periodic deposit

Present value of single deposit

Continously compouding interest

Determine the limit of the following function:

Mia invested $50,000, continuously compounded at a rate of 5.4%. How much money will she have after 6 years?

$69,130.71

$69,132.37

$82,958.83

$71,833.04

Gavin wants to save $5,000 to go on vacation in five years. He must deposit money today, which will be compounded daily at 3.2%. How much money should he deposit to earn his $5,000?

How much money will Rachel have after 8 years?

How much interest will Rachel have earned after 8 years?

Elisa is 10 years old and needs $35,000 for college. Her parents want to start saving for college with their savings account that makes 2.3% interest and is compounded monthly. How much must Elisa's parents deposit monthly in order to make enough money by the time she is 18? 

$29,122.88

$284.86

$317.10

$332.42

Spiderman deposits $18,000 into an 8-year CD at an interest rate of 3.8%, compounded weekly. What is the annual percentage yield? Round to the nearest hundredth.

3.98%

35.67%

3.87%

3.55%

Pancho would like to have $3,500 for a vacation for his family in 3 years. His CD will pay him 2.9%, compounded monthly. How much money does he need to deposit today to earn that amount?

$4,162.69

$3,208.71

$93.17

$2,475.47

Frederico deposited $250 into an account every month that yields a 1.9% interest, compounded monthly. How much is in the account after 90 months?

$246,447.78

$119,732.81

$24,161.55

$288.26

Match the correct problem to the formula you would use.
I. Alyssa 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. Brayden 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%?

III. David 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.

Present Value of a Single deposit 

I.

Future Value of a Single Deposit

II.

Present value of a periodic deposit

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 4.5% interest compounded monthly in order to reach this goal?

$986.14

$1,161.66

$1,194.47

$62,310.48

Billy deposits $180 every quarter into an account that yields 2.6% interest compounded quarterly. How much will he have in 3 years?

Future value of a periodic deposit

compounding interest

Simple interest

Present value of a periodic deposit

Present value of single deposit

Continously compouding interest

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

Future value of a periodic deposit

compounding interest(future value of a single deposit)

Simple interest

Present value of a periodic deposit

Present value of single deposit

Continously compouding interest

Mia invested $50,000, continuously compounded at a rate of 5.4%. How much money will she have after 6 years?

$69,130.71

$69,132.37

$82,958.83

$71,833.04