Financial Literacy Quiz

$5,000 COMPOUNDED annually for 15 years at a 3% interest rate.

What is the total value?

Round to the nearest WHOLE number.

Tags

CCSS.HSF.BF.A.2

$5000 COMPOUNDED annually for 15 years at a 3% rate.

What is the interest?

• $7789

• $7790

• $5

• $2790

$7500 deposit with simple interest for 8 years at a 2% rate.

What is the interest earned?

Tags

CCSS.7.RP.A.3

$7500 deposit with simple interest for 8 years at a 2% rate.

What is the total value?

• 
• $12,000

• $8,700

• $1,200

Tags

CCSS.7.RP.A.3

Alexa went to the bank and deposited $1,450. She decided that she was going to leave that money in her savings account for 30 years, because the bank was giving her such an amazing rate at 4.5%!!

How much money will Alexa make if she chooses to do compound interest?

Round to the nearest whole number.

Tags

CCSS.HSF-LE.A.1C

Journie:

Deposits $5,500 for 15 years at 2% simple interest.

Baylee:

Deposits $2,000 for 20 years at 1.5% compound interest.

Who earns more money?

**HINT: be careful with your total values for each type of interest.

Tags

CCSS.7.RP.A.3