Chapter 2, Lessons 3 and 4 Review

Gary deposits $3,700 in an account that pays 2.15% simple interest. He keeps the money in the account for three years, but doesn't make any deposits or withdrawals. How much interest will he receive after three years?

• $23.87

• $238.65

• $2,386.50

• $23,865

How much principal would you have to deposit to earn $700 simple interest in 1.5 years at a rate of 2%?

• $23,333.33

• $23.33

• $2,333.33

• $233.33

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Jesse estimates that it will cost $300,000 to send his newborn son to a private college in 18 years. He currently has $65,000 to deposit in an account. What simple interest rate would he need so that $65,000 grows into $300,000 in 18 years? Round to the nearest percent.

• 0.2%

• 0.02%

• 20%

• 200%

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Dillon has a bank account that pays 3.2% simple interest. His balance is $1,766. How long with it take for the amount in the account to grow to $2,000? Round to the nearest year.

• 1 year

• 2 years

• 3 years

• 4 years

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Max has $17 in a fund he is creating to save for a bike. He adds $6 per week of his babysitting earnings to the fund. If his weekly fund balance is represented by an arithmetic sequence, find the 27th term.

• 173

• 179

• 43

• 2,652

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Margaret deposits $1,000 in a savings account that pays 1.4% interest compounded semiannually. What is her balance after one year?

• $1,000.00

• $1,070.00

• $1,014.05

• $1,700.00

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How much interest does $5,300 earn at a rate of 2.8% interest compounded quarterly, in six months?

• $37.88

• $37.62

• $37.36

• $37.10

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How much interest would $1,000,000 earn at 2% compounded daily, in one day.

• $54.79

• $54.80

• $547.49

• $547.80

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Mr. Nolan has a bank account that compounds interest daily at a rate of 1.7%. On the morning of December 7th, the principal is $2,644.08. That day he withdraws $550 to pay for a snow blower. Later that day he receives a $934 paycheck from his employer, and he deposits that in the bank. On December 8th, he withdraws $300 to go holiday shopping. What is his balance at the end of the day on December 8th?

• $2,094.08

• $3,028.22

• $2,728.22

• $2,728.35

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Kristin deposited $9,000 in an account that has an annual interest rate of 2.1% compounded monthly. How much interest will she earn at the end of one month?

• $157.5

• $15.75

• $1,575

• $189

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