Simple and Compound Interest Quiz

Nicolas has $650 to deposit into two different savings accounts.
Nicolas will deposit $400 into Account I, which earns 3.5% annual simple interest.
He will deposit $250 into Account II which earns  $3\frac{1}{4}\%$  interest compound annually.

Nicolas will not make any additional deposits or withdrawals. Which amount is closest to the total balance of these two accounts at the end of 2 years? 

• $672.13

• $695.00

• $694.25

• $694.51

Tamara invested $15,000 in an account that pays 4% annual simple interest. Tamara will not make any additional deposits or withdrawals. How much interest will Tamara earn on her investment at the end of 3 years?

Tags

CCSS.7.RP.A.3

Mr. Jenkins deposited $1,250 into an account. He made no additional deposits or withdrawals. Mr. Jenkins earned 4.25% annual simple interest on the money in the account. What was the balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years?

• $1,462.50

• $1,476.43

• $212.50

• $226.43

Tags

CCSS.7.RP.A.3

An employee put $5,000.00 in a retirement account that offers 9% interest compounded annually. The employee makes no additional deposits or withdrawals. Which amount is closest to the account balance the employee will have at the end of 5 years?

• $2,693.12

• $2,250.00

• $7,250.00

• $7,693.12

Tags

CCSS.HSF-LE.A.1C