3.3-3.5 Review

A couple is planning a savings account for a newborn baby. They start with $3,450

received in newborn baby gifts. If no deposits or withdrawals are made, what is the

balance of the account if it earns simple interest at 5% interest for 18 years.

• $6,555.00

• $2,350.26

• $5,660.10

• $2,111.11

Tags

CCSS.HSA.SSE.A.1

CCSS.HSN.Q.A.1

CCSS.HSN.Q.A.2

Janine opens a savings account with a deposit of $720. The account pays 1.4% interest, compounded daily. What is the first day’s interest? Round to the near cent.

• $0.10

• $0.05

• $0.03

• $0.14

Tags

CCSS.HSF.LE.A.2

CCSS.HSF.IF.B.6

Samantha deposits $1,500 into the Park Street Bank. The account pays 1.12% annual interest, compounded daily. To the nearest cent, how much is in the account at the end of three non-leap years?

• $2,323.10

• $1,788.20

• $1,991.50

• $1,551.26

Tags

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.2

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

How much simple interest does $2,560 earn in 17 months at a rate of 1.125%? Round to the nearest cent.

• $17.11

• $28.28

• $40.80

• $35.25

Tags

CCSS.HSA.SSE.A.1

CCSS.HSA.CED.A.1

CCSS.HSN.Q.A.1

CCSS.HSN.Q.A.2

CCSS.HSA.REI.B.3

Jimmy invests $4,000 in an account that pays 2% annual interest, compounded semi-annually. What is his balance, to the nearest cent, at the end of 10 years?

• $2,112.12

• $3,580.25

• $4,880.76

• $4,825.76

Tags

CCSS.HSF.LE.A.2

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.B.5