Reference no: EM132641144

Questions -

Q1. Fernando has a savings account balance of $2,471.23. The interest rate on the account is 2.4% compounded quarterly. If he opened the account nine years ago, what was the value of his initial deposit?

$1,029.68

$1,992.44

$2,299.72

$2,412.80

Q2. Scott currently has an account balance of $2,147.39. He opened the account five years ago with a deposit of $1,852.10. If the interest compounds monthly, what is the interest rate on the account?

0.2%

10.5%

3.0%

5.9%

Q3. Nick opened a savings account 11 years ago with a deposit of $3,772.59. The account has an interest rate of 5.8% compounded twice a year. How much interest has Nick earned?

$3,991.40

$7,129.38

$3,241.67

$3,303.25

Q4. Roberta deposited $4,790.23 into a savings account with an interest rate of 3.8% compounded twice a year. About how long will it take for the account to be worth $9,000?

16 years, 9 months

24 years, 8 months

29 years, 2 months

33 years, 6 months

Q5. Peter deposited $8,975 into a savings account 21 years ago. The account has an interest rate of 3.8% and the balance is currently $19,909.20. How often does the interest compound?

daily

monthly

quarterly

annually