QUESTION

1. A deposit of \$5,000 is made into a savings account which earns 3 3/4% interest compounded annually. If no additional deposits or withdrawals are made, which amount is the total balance at the end o

1. A deposit of \$5,000 is made into a savings account which earns 3 3/4%

interest compounded annually. If no additional deposits or withdrawals are made, which amount is the total balance at the end of 10 years?

A) \$6,719.58

B) \$6,875.00

C) \$7,225.22

D) \$7,401.22

2. Layla deposits \$1000 in a savings account for college. Her account earns 4% interest compounded annually. How much interest does Layla earn after 10 years?

A) 1480.24

B) 2480.24

C) 480.24

D) 400

3. Suppose you have two savings accounts, both with a principal of \$100 and an interest rate of 5%, but one earns simple interest and one earns interest compounded annually. How much more interest will the account with compound interest earn after 10 years?

A) \$12.89

B) \$50.00

C) \$62.89

D) \$162.89

4. A savings account of \$5,000 for 12 years, compounded at an annual interest rate of 6.25%.

Find the total amount saved.

A) \$8,349.45

B) \$10,060.98

C) \$10,349.45

D) \$5,349.45