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Unit 4: Savings Accounts Review

Unit 4: Savings Accounts Review

Assessment

Flashcard

Mathematics

7th - 12th Grade

Practice Problem

Hard

CCSS
7.RP.A.3, HSF-LE.A.1C, RI.11-12.5

+6

Standards-aligned

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is a savings account?

Back

A savings account is a bank account that earns interest on the money deposited, allowing individuals to save money while earning a small return.

2.

FLASHCARD QUESTION

Front

What does interest mean in the context of savings accounts?

Back

Interest is the money paid by the bank to the account holder for using their deposited funds, usually expressed as a percentage of the account balance.

Tags

CCSS.7.RP.A.3

3.

FLASHCARD QUESTION

Front

What is the formula for calculating compound interest?

Back

A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount, r is the annual interest rate, n is the number of times that interest is compounded per year, and t is the number of years.

4.

FLASHCARD QUESTION

Front

What does 'compounded annually' mean?

Back

Compounded annually means that the interest is calculated and added to the principal once a year.

5.

FLASHCARD QUESTION

Front

If you deposit $440 at an interest rate of 5.8% compounded annually, how much will you have after 8 years?

Back

$690.78

Tags

CCSS.HSF-LE.A.1C

6.

FLASHCARD QUESTION

Front

What does the 'r' represent in the interest formula?

Back

The 'r' represents the rate of interest.

7.

FLASHCARD QUESTION

Front

What is a deposit slip?

Back

A deposit slip is a form used to deposit money into a bank account, detailing the amount being deposited.

Tags

CCSS.RI.11-12.5

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.3

CCSS.RI.9-10.5

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