Chapter 5:
Savings Accounts
1.
Rosa Izquierdo has checks for $50.00 and $35.00. She also has two 20-dollar bills. She would like to receive $25.00 in cash and deposit the rest of the money in her savings account. What is the total deposit?
a.
$80.00
b.
$85.00
c.
$100.00
d.
$125.00
2.
Which of the following is the correct way to write the amount $56.67?
a.
fifty-six and sixty-seven
b.
fifty-six and 67/100 dollars
c.
fifty-six and sixty-seven cents
d.
fifty-six dollars and 67/100 cents
3.
Your savings account shows a previous balance of $978.65. You received $8.04 in interest. You made deposits of $75.00, $132.45, and $67.90. You had withdrawals of $50.00 and $30.00. What is your new balance?
a.
$615.26
b.
$1,174.00
c.
$1,182.04
d.
$1,342.04
4.
Francois DuFresne deposits $350.00 in a savings account. The account pays an annual interest rate of 4 percent. He makes no other deposits or withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn?
a.
$3.50
b.
$14.00
c.
$353.50
d.
$364.00
5.
Angel Garcia deposited $1,000 in a savings account which earns 5 percent interest compounded quarterly. He made no deposits or withdrawals. What is the amount in the account at the end of the second quarter?
a.
$1,012.50
b.
$1,025.00
c.
$1,025.16
d.
$1,050.00
6.
First Savings pays 6 percent interest compounded quarterly on regular savings accounts. Angela Polacco deposited $1,200 for 2 years. She made no other deposits or withdrawals.According to the table below, how much interest did Polacco earn during the 2 years?
a.
$1,351.79
b.
$1,272.00
c.
$351.79
d.
$151.79
7.
Suppose you deposit $5,000 in an account that pays 5.5 percent interest compounded daily. According to the table below, how much interest will you earn in 25 days?
a.
$275.00
b.
$23.36
c.
$18.85
d.
$0.75
8.
Joshua Levine deposits $250 in an ordinary annuity at the end of each quarter in an account earning 6 percent interest compounded quarterly. According to the table below, what is the future value of the account in 2 years?
a.
$2,108.21
b.
$505.00
c.
$503.75
d.
$250.00
9.
Your savings account shows a previous balance of $417.25. You received $3.13 in interest. You made deposits of $25.00, $98.65, and $74.38. You had 2 withdrawals each of $25.00. What is your new balance?
a.
$568.41
b.
$590.28
c.
$593.41
d.
$668.41
10.
Jamal Kennedy deposits $275.00 in a savings account. The account pays an annual interest rate of 5 percent. He makes no other deposits or withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn?
a.
$3.44
b.
$13.75
c.
$278.44
d.
$263.75
Ch. 1-5
Ch. 6-10
Ch. 11-15
Ch. 16-20
Ch. 21-23
Ch. 1
Ch. 2
Ch. 3
Ch. 4
Ch. 5
Ch. 6
Ch. 7
Ch. 8
Ch. 9
Ch. 10
Ch. 11
Ch. 12
Ch. 13
Ch. 14
Ch. 15
Ch. 16
Ch. 17
Ch. 18
Ch. 19
Ch. 20
Ch. 21
Ch. 22
Ch. 23
