Mathematics for Business and Personal Finance

Chapter 5: Saving Accounts

Practice Tests

1
Abe Cassidy wants to deposit the following into his savings account: 32 one-dollar bills, 4 five-dollar bills, 32 quarters, 25 dimes, 82 pennies, a check for $43.56, and a check for $122.90. He wants to receive a $50.00 bill in cash. How much will he deposit?
A)$229.78
B)$179.78
C)$136.22
D)$100.44
2
Rosa Izquierdo has checks for $50.00 and $35.00. She also has 2 twenty-dollar bills. She would like to receive $25.00 in cash and deposit the rest in her saving account. What is the total deposit?
A)$125.00
B)$100.00
C)$85.00
D)$80.00
3
ALGEBRA Norbert Pappas deposited one check into his savings account for $327.90, one check for $129.00, and a third check, the amount of which he cannot remember. His total deposit was for $825.80 after he received $75.00 in cash. What was the amount of the third check deposited?
A)$293.90
B)$368.90
C)$443.90
D)$448.90
4
Which of the following is the correct way to write the amount $56.67?
A)fifty-six and sixty-seven
B)fifty-six and sixty-seven cents
C)fifty-six dollars and 67/100 cents
D)fifty-six and 67/100 dollars
5
Twenty-eight and <a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078805058/685854/ch5_p1.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (1.0K)</a> dollars as a numeral is:
A)$28.32
B)$32.28
C)$32.32
D)$82.32
6
Alec Tomita's savings account statement is shown below. What is his new balance?

<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078805058/685854/ch5_t1.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (9.0K)</a>

A)$2,007.28
B)$877.99
C)$628.56
D)$258.56
7
ALGEBRA Venus Waldo reviewed her account statement and wanted to verify that the interest amount was correct. Her new balance was $12,098.12 and her previous balance was $9,043.20. She had deposited $3,298.45 and withdrawn $300.00. Find the interest earned on Venus' savings account.
A)$243.53
B)$121.69
C)$56.47
D)$46.75
8
Francois DuFresne deposits $350.00 in a savings account. The account pays an annual interest rate of 4%. He makes no other deposits or withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn?
A)$1.17
B)$3.50
C)$6.50
D)$14.00
9
Jessa Walton deposits $275.00 in a savings account. The account pays an annual interest rate of 5%. She makes no other deposits and 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
10
ALGEBRA Harriett Weiss earned $77.00 in simple interest in 6 months at an annual interest rate of 7%. How much money did she invest?
A)$1,100
B)$1,400
C)$1,800
D)$2,200
11
Angel Garcia deposited his $750 federal income tax refund check into his savings account. The account pays 5% and he made no other deposits or withdrawals. How much is in the account after 3 months?
A)$937.50
B)$787.50
C)$759.38
D)$752.12
12
Jamal Albright deposited $1,000 in a savings account that earns 5% compounded quarterly. He made no other 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
13
First Savings pays 6% interest compounded quarterly on regular savings accounts. Angela Polacco deposited $1,200 for 2 years. She made no other deposits or withdrawals. Use the table below to determine how much compound interest Angela earned.

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A)$1,351.79
B)$1,272.00
C)$351.79
D)$151.79
14
ALGEBRA Nicole Johnston deposited $5,000 into a savings account paying 6% compounded monthly. What amount will she have in her account after 4 years? Use the formula below.

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A = Amount
r = rate per period
n = number of periods
A)$6,663.05
B)$6,352.45
C)$5,121.08
D)$5,100.00
15
Barbara Contos has a principal of $900 in her savings account on January 1. The money earns interest at a rate of 5.5% compounded quarterly. What is the amount in the account after 1 year?

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A)$999.50
B)$955.22
C)$950.53
D)$937.64
16
Suppose you deposit $5,000 in an account that pays 5.5% compounded daily. According to the table below, how much interest will you earn in 25 days?

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A)$275.00
B)$23.36
C)$18.85
D)$0.75
17
On May 31, Sandra Brown deposited $1,200 in a savings account that pays 5.5% compounded daily. On July 1, how much interest had the principal in her account earned?

<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078805058/685854/ch5_t5.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (22.0K)</a>

A)$5.98
B)$5.80
C)$5.62
D)$4.52
18
Joshua Levine deposits $250 in an ordinary annuity at the end of each quarter in an account earning 6% interest compounded quarterly. According to the table below, what is the future value of the account in 2 years?

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A)$2,108.21
B)$505.00
C)$503.75
D)$250.00
19
Phil Bundt had made $700 deposits in an annuity due at the beginning of each quarter in an account earning 6% interest compounded quarterly. What is the future value of the account in 2 years?

<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0078805058/685854/ch5_t7.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (36.0K)</a>

A)$5,600.00
B)$5,835.12
C)$5,902.99
D)$5,991.53
20
ALGEBRA Dian Hinojosa deposits $500 in an ordinary annuity at the end of each month in an account earning 6% interest compounded monthly. What is the future value of the annuity in 12 years? Use the formula below.

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FV = Future Value
AD = Amount deposited each period
r = interest rate per period
n = number of periods
A)$205,075.08
B)$112.459.67
C)$105,075.08
D)$72,000.00
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