Copy of PF Quiz Review (5/21/2025)

Last updated 3 days ago

8 questions

Note from the author:

Solve the problems below. 

Instructions

Solve the problems below. 

Required

Library

Copy of PF Quiz Review (5/21/2025)

Last updated 3 days ago

8 questions

Note from the author:

Solve the problems below. 

Instructions

Solve the problems below. 

Use the Rule of 72 formula below to answer the questions.
Number of years = \frac{72}{\%}

Required

Question 1

You deposit $12,000 in a savings plan with an annual rate of 2%. How long will it take to double your money?

Required

Question 2

You deposit $2,000 in a savings plan with an annual rate of 9%. How long will it take to double your money?

Required

Question 3

You deposit $4,000 in a savings plan with an annual rate of 4%. How long will it take to double your money?

Required

Question 4

You deposit $5,600 in a savings plan with an annual rate of 3%. How long will it take to double your money?

Required

Question 5

You deposit $600 in a savings plan with an annual rate of 1%. How long will it take to double your money?

Required

Question 6

You have invested $800 at 12% interest. According to the Rule of 72, how soon will the money double in value?

Required

Question 7

Four types of savings accounts are: _______________

Online Savings Account

Traditional Saving Account

Investments

Traditional Checking Account

Certificate of Deposit

IRA

Money Market Account

Required

Question 8

Compound Interest is best if it is compounded__________

Use the Rule of 72 formula below to answer the questions.
Number of years = \frac{72}{\%}

Question 1

You deposit $12,000 in a savings plan with an annual rate of 2%. How long will it take to double your money?

Question 2

You deposit $2,000 in a savings plan with an annual rate of 9%. How long will it take to double your money?

Question 3

You deposit $4,000 in a savings plan with an annual rate of 4%. How long will it take to double your money?

Question 4

You deposit $5,600 in a savings plan with an annual rate of 3%. How long will it take to double your money?

Question 5

You deposit $600 in a savings plan with an annual rate of 1%. How long will it take to double your money?

Question 6

You have invested $800 at 12% interest. According to the Rule of 72, how soon will the money double in value?

Question 7

Four types of savings accounts are: _______________

Online Savings Account

Traditional Saving Account

Investments

Traditional Checking Account

Certificate of Deposit

IRA

Money Market Account

Question 8

Compound Interest is best if it is compounded__________