ELF-4 Review

Bruno was given $2000 when he turned 3 years old.  His parents invested it at a 2% interest rate compounded annually.  No deposits or withdrawls were made.  Which expression can be used to determine how much money Bruno had in the account when he turned 16? 

• 2000(1+0.02)¹³
• 2000(1-0.02)¹³
• 2000(1+0.02)¹⁶
• 2000(1-0.02)¹⁶

Tags

CCSS.HSF.BF.A.2

Change 6.75% to a decimal.

• 67.5
• .675
• 675
• .0675

The Arnold's took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?

• $412,749.79
• $529.305.61
• $689,546.99
• $640,891.53

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.

• $15,415.94
• $15,683.28
• $15,927.56
• $16,109.05

Tags

CCSS.HSF.LE.A.2

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.BF.A.1

CCSS.HSA.SSE.A.1

CCSS.HSA.SSE.B.4

Given an investment of $1,500:
Which investment would have a larger balance after 5 years?
Option 1 - 4% compounded monthly
Option 2 - 3.9% compounded daily. 

• Option 1
• Option 2

Tags

CCSS.HSF.LE.A.2

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.BF.A.1

CCSS.HSA.SSE.A.1

You want to save $5,000 for future family vacation.  If the bank pays 4.3% compounded monthly for 3 years, then how much will you need to invest to reach your vacation goal?  

• $307,042,791
• $5,000
• $3,250
• $4,395.89

Tags

CCSS.HSF.LE.A.2

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.B.5

CCSS.HSA.CED.A.4

Principal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.

• $12712.31
• $12,749.30
• $12,657.59
• $12550.84

Tags

CCSS.HSF.LE.A.2

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.BF.A.1

CCSS.HSA.SSE.B.4

Compounded Continuously an investment of  $400 at a rate of 35% for 2 years

• $280
• $680
• $1,034.47
• $805.50

Tags

CCSS.HSF.LE.A.2

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.BF.A.1

Compounded Continuously an investment of  $400 at a rate of 35% for 2 years

• $280
• $680
• $1,034.47
• $805.50

Tags

CCSS.HSF.LE.A.2

CCSS.HSF.LE.A.1

CCSS.HSF.LE.B.5

CCSS.HSF.LE.A.3

Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Riley earn in 15 years?

• $1,584.62
• $2,651.39
• $2,706.86
• $1,825.10

Tags

CCSS.HSF.LE.A.2

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.BF.A.1