2-2B Savings Account_interest rate and time

Use the simple interest formula to find the missing entries in the table. Round monetary amounts to the nearest cent. Answer " a. " from the table. Enter your answer in this format " $ 1,234.56 " . No extra spaces/characters.

(a)  

Use the simple interest formula to find the missing entries in the table. Round monetary amounts to the nearest cent. Answer " g. " from the table. Enter your answer in this format " $ 1,234.56 " . No extra spaces/characters.

(a)  

Use the simple interest formula to find the missing entries in the table. Round monetary amounts to the nearest cent. Answer " d. " from the table.

• about 20 months
• exactly 2 years
• exactly 1 year
• about 15 months
• about 23 months

Use the simple interest formula to find the missing entries in the table. Round monetary amounts to the nearest cent. Answer " f. " from the table.

• 5.56%
• 0.56%
• 0.055%
• 55.56%
• 5.55

How much simple interest does $2,560 earn in 17 months at a rate of 5%? Round to the nearest cent. enter your answer in this format " $1,234.56 "

(a)  

How long does it take $450 to double at a simple interest rate of 14%?

• approximately 7 months
• approximately 68months
• approximately 80 months
• approximately 86 months

Assume $20,000 is deposited into a savings account. Bedford Bank offers an annual rate of 4% simple interest for five years. Slick Bank offers a rate of 20% simple interest for one year. Which earns more interest?

• Bedford bank
• Slick Bank
• Neither; they are the same.
• Neither of them earns interest.

A couple is planning a savings account for a newborn baby. They start with $3,450 received in newborn baby gifts. If no deposits or withdrawals are made, what is the balance of the account if it earns simple interest at 5% interest for 18 years? enter the answer in this format " $1,234.56 ".

(a)  

Ron estimates that it will cost $400,000 to send his daughter to a private college in 18 years. He currently has $90,000 to deposit in an account. What simple interest rate must his account have to reach a balance of $400,000 in 18 years? Round to the nearest percent. enter the answer in this format, " 12.34% "

(a)