WorksheetsGE 001 FINAL EXAMINATION
Total questions: 11
Worksheet time: 41mins
A principal of $2000 is placed in a savings account at 3% per annum compounded annually. How much is in the account after one year?
$2060
$2050
$2080
$2000
A principal of $2000 is placed in a savings account at 3% per annum compounded annually. How much is in the account after two (2) years?
$2060
$2121.80
$2080
$2185.45
A principal of $2000 is placed in a savings account at 3% per annum compounded annually. How much is in the account after three (3) years?
$2060
$2121.80
$2080
$2185.45
What would $1000 become in a saving account at 3% per year for 3 years when the interest is not compounded (simple interest)?
$1090
$1092.73
$1095
$1022.73
What would $1000 become in a saving account at 3% per year for 3 years when the interest is compounded anually?
$1090
$1092.73
$1095
$1022.73
If $3000 is placed in an account at 5% and is compounded quarterly for 5 years. How much is in the account at the end of 5 years?
$3846.11
$3800
$3000
$846.11
$1200 is placed in an account at 4% compounded annually for 2 years. It is then withdrawn at the end of the two years and placed in another bank at the rate of 5% compounded annually for 4 years. What is the balance in the second account after the 4 years.
$1297.92
$1577.63
$1477.63
$1500
What interest rate, compounded annually, is needed for a principal of $4,000 to increase to $4,500 in 10 year?
12%
15%
20%
10%
How many quarters in a year?
4
3
2
1
How many months in a quarter?
12
4
3
2
Semi-annual means ?
Every 6 months
Every 2 months
Every 2 months
Every 1 month
