Math 8 - Unit 9 Review

A student's parents invested $5,000 in a college savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made.

Which amount is closest to the interest earned on the account at the end of 15 years?

• $5,174.11

• $10,174.11

• $3,637.50

• $8,637.50

Answer explanation

Choose the interest earned on the account after 15 years, which is closest to $3,637.50.

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 interest the employee will have earned at the end of 5 years?

• $229.09

• $450.00

• $2,250.00

• $2,693.12

Tags

CCSS.HSF-LE.A.1C

Caiden deposited $475 in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

• $827.52

• $831.10

• $839.45

• $846.80

Tags

8.12.D

• A

• B

• C

• D

Carly deposited $800 in an account that earns 2% interest 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 no withdrawals or deposits?

• Carly: $937.33

  Lara: $928

• Carly: $927.33

  Lara: $918

• Carly: $939.33

  Lara: $938

• Carly: $928

  Lara: $937.33

Answer explanation

Carly's account balance after 8 years with compound interest is $937.33, while Lara's account balance with simple interest is $928. Therefore, the correct choice is Carly: $937.33, Lara: $928.

Olivia will deposit $1,530 in an account that earns 6% simple interest every year. Her sister Melinda will deposit $1,500 in an account that earns 8% interest compounded annually. The deposits will be made on the same day, and no additional money will be deposited or withdrawn from the accounts. Which statement about the balances of Olivia's account and Melinda's account at the end of 3 years is true?

• Olivia's account will have about $5.40 more than Melinda's account.

• Olivia's account will have about $84.17 more than Melinda's account.

• Melinda's account will have about $5.40 more than Olivia's account.

• Melinda's account will have about $84.17 more than Olivia's account.

Answer explanation

Melinda's account will have about $84.17 more than Olivia's account due to the higher interest rate and compounding effect.

What is 8% as a decimal?

• 0.8

• 0.08

• 0.008

• 8.0

Answer explanation

To convert a percentage to a decimal, move the decimal point two places to the left. Therefore, 8% as a decimal is 0.08.

What is 12% as a decimal?

• 0.12

• 0.012

• 1.2

• 120

Answer explanation

To convert a percentage to a decimal, divide by 100. Therefore, 12% as a decimal is 0.12.

The state university costs $17,000 for one year of school. Jason receives an athletic scholarship worth $10,000. He also received 2 grants for a combined total of $2,680. He still has 3 years to save up the rest of the money needed. What is the minimum amount he will need to save every month to reach his goal?

• $120 per month

• $140 per month

• $250 per month

• $80 per month

Answer explanation

To find the amount Jason needs to save monthly, subtract the scholarship and grants from the total cost, then divide by the number of months left: ($17,000 - $10,000 - $2,680) / (3 years * 12 months/year) = $120 per month.

Tags

CCSS.7.EE.B.4A

Jared made an initial investment of $16,500 into his retirement account. It will pay 10% interest compounded annually. How much interest will he have earned after five years?

• $10,073.42

• $26,573.42

• $24,646.24

• $8,042.42

Tags

CCSS.HSF.BF.A.2