Review #1 12th financial Algebra

Front

Hannah and Alex are 30 years old and want to retire at 65. They deposit $4,000 each year into an account that pays 3.4% interest, compounded annually. What is the account balance when Hannah and Alex retire?

Back

$261,493

Front

What will the balance be when Spongebob and Squidward retire at 65 if they deposit $3,000 each year in a savings account that earns 2.9% interest, compounded semiannually, starting from age 20?

Back

$359,860.39

Front

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

Back

$173,022.87

Front

If you deposit $1,000 at 4.3% interest, compounded continuously, what would your ending balance be to the nearest cent after 5 years?

Back

$1,239.86

Front

If you deposit $1,500 at 4.9% interest, compounded continuously, what would your ending balance be to the nearest cent after 5 years?

Back

$1,916.43

Front

Interest on the principal and on the interest already earned

Back

compound interest

Front

Who will earn the greatest amount of interest from the following deposits? Ricco deposits $500 at 2.5% interest compounded annually for 3 years. Wally deposits $500 at 5.1% interest compounded annually for 2 years.

Back

Wally will earn $13.85 more than Ricco

Front

You put your money into a savings account that earns 8% interest compounded annually. If you originally invested $1,240, how much is in your account after 2 years?

Back

$1,446.34

Front

Micaela deposited $3000 in a retirement account that offers 5% interest compounded annually. She makes no additional deposits or withdrawals. Which amount is closest to the interest Micaela earned at the end of 2 years?

Back

$308

Tags

7.13.E

Front

Jamie plans to invest $7,500 for 3 years. If he wants to earn $1,125 in interest, what interest rate must Jamie earn during his investment?

Back

5%