Simple Interest — Unit test Answers

A principal of $5,350 is placed in an account that earns 3.5% interest. If the interest is compounded annually, how much money will be in the account at the end of 4 years?a.$5,760.06b.$5,537.25c.$6,099.00d.$6,139.25

The same amount of principal is invested in different accounts earning the same interest rate. Which of the following accounts would have the greatest accumulated value at the end of one year?a.An account earning no interestb.An account earning simple interestc.An account earning interest compounded annuallyd.An account earning interest compounded daily

In the formula I=P·r·t, what does r stand for? a. Rate: the percent that interest is paid annually as a decimal b. Ratio: the size of the interest interval compared to time c. Return: how much money you end up earning d. Reserves: how much money you have in the investment Please select the best answer from the choices provided

How do banking transaction regulations differ from credit card regulations?

How do Peer-to-Peer (P2P) payment systems compare to digital wallets in terms of storing payment information?

Mary and Lewis each open a savings account at the same time. Mary invests $3,700 in an account yielding 3.2% simple interest, and Lewis invests $3,000 in an account yielding 5.9% simple interest. After fifteen years, who has the greater total amount of money, and how much greater is it?a.Lewis has $879 more than Mary.b.Lewis has $179 more than Mary.c.Mary has $776 more than Lewis.d.Mary has $345 more than Lewis.

Why is simple interest useful for planning parts of your financial future?a.Simple interest can endure unforeseen economic changes by fluctuating.b.Simple interest generates more money than any other source of income.c.Simple interest grows more quickly if you invest in it longer.d.Simple interest is very regular and can be calculated in advance.

Which is an accurate description of digital currency?

How are the regulations for Electronic Fund Transfers (EFTs) different from those for Peer-to-Peer (P2P) payments?

Approximately how much principal would need to be placed into an account earning 3.575% interest compounded quarterly so that it has an accumulated value of $68,000 at the end of 30 years?a.$23,706b.$23,377c.$52,069d.$58,944

What is the purpose of comparison shopping?

Paul wrote a check to the dentist for $345.69. He’ll use the check register to record his transaction. What will be his new balance?

Karen has $800 to open a checking account. She wants an account with the lowest fees. She only writes about five checks per month and her employer has direct deposit. She does not plan on using the ATM or online banking. Bank Account Terms and ConditionsWhich checking account would be best for Karen?

Martin puts his weekly paycheck into his checking account. In which column should he write the value of his paycheck?

An investment of $9,875 earns 4.8% interest compounded monthly over 12 years. Approximately how much interest is earned on the investment?a.$4,740b.$7,458c.$7,672d.$17,567

Rules ensuring that businesses offer safe products to consumers are part of a nation's

Which statements describe a free enterprise system? Check all that apply.Citizens can own property.The government employs all workers.Supply and demand drives production.Consumers and producers make their own decisions.Citizens can accumulate wealth.The government sets prices and wages.

Irma has $500 to open a checking account. She wants an account with the lowest fees. She plans to use only her bank’s ATM to deposit her paychecks and withdraw cash. Bank Account Terms and ConditionsWhich checking account would be best for Irma?

How much money would need to be deposited into an account earning 5.75% interest compounded annually in order for the accumulated value at the end of 25 years to be $85,000?a.$75,425.52b.$59,130.43c.$21,009.20d.$20,258.70

What is one way that economics can influence your daily life?