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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
