Personal Finance Literacy Quiz

Anne deposited $500 in an account that earns 6% simple interest. Shelly deposited $500 in an account that earns 6% interest compounded annually. They leave the money in the account for 4 years. Which statement is true about the two investments after 4 years?

• Shelly will have $131.24 more in her account than Anne has in her account.

• They will have the same amount in their accounts

• Shelly will have $11.24 more in her account than Anne has in her account.

• Anne will have $11.24 more in her account than Shelly has in her account.

David invests $10,000 in a savings account that pays 3.5% simple interest. If David makes no withdrawals or deposits to the account, how much will be in the account after 7 years?

• $2,450

• $11,750

• $12,450

• Not Here

Tags

CCSS.7.RP.A.3

Garrison deposited $500 in an account that earns 3% interest compounded annually. How much interest will the account earn after 6 years?

• $90.00

• $100.00

• $97.03

• $109.20

Tags

CCSS.HSF.BF.A.2

Jared invests $10,000 in a savings account that pays 3% simple interest. How many years will it take for the account to grow to $12,700, if he makes no withdrawals or deposits?

• 7 years

• 12 years

• 9 years

• 22 years

Tags

CCSS.7.RP.A.3

An investment of $4,000 earns 2% interest compounded annually. What will be the value of the investment in 7 years?

• $4594.74

• $594.74

• $4560.00

• Not Here

Tags

CCSS.HSF-LE.A.1C

Gilberto invests $10,000 in a savings account that pays 4.75% simple interest. If Gilberto makes no withdrawals or deposits to the account, how much will be in the account after 7 years?

• $3,325

• $13,325

• $13,838.16

• $13,000

Tags

CCSS.7.RP.A.3

Carly deposited $800 in an account that earns 2% annual compounded annually. Lara deposited $800 in an account that earns 2% simple interest. How much will each girl have in their account at the end of 8 years if they make so withdrawals or deposits?

• Carly: $937.33 Lara: $928

• Carly: $927.33 Lara: $918

• Carly: $939.33 Lara: $938

• Carly: $928 Lara: $937.33

Tran invests $15,000 in a savings account that pays 4% simple interest. About how many years will it take for the account to double at this interest rate?

• 7 years

• 60 years

• 25 years

• 27 years

Tags

CCSS.7.RP.A.3

Willa deposited $5,000 in an account that pays 6% interest compounded annually. Which expression can be used to find the value of her investment after 5 years?

Tags

CCSS.HSF.BF.A.2

Travis invests $25,000 in a savings account that pays 2.75% simple interest. How much interest does he earn each year?

• $787.50

• $625.00

• $657.50

• $687.50

Tags

CCSS.7.RP.A.3