Simple & Compound Interest Questions and Answers

According to lecture or reading, the type of poll that is done in a very unscientific manner and is usually used to predict election outcomes is defined as a Exit poll Tracking poll Push poll Straw poll None of the above

If you want to double your money in 10 years, what interest rate do you need? (A) 13.6% (B) 6% (C) 7.2% (D) 10%

Manny has his money in a savings account earning 3 percent interest. How long will it take his money to double? (A) 12 years (B) 2 years (C) 24 years (D) 18 years

Manuel has a remaining balance of $563 on his credit card. His credit card company has an APR of 15 percent. How much will Manuel pay in interest for one month? (A) $7.04 (B) $84.50 (C) $1.25 (D) $15

The CDC reported a total number of COVID deaths in the United States to be 571,762 on April 19,2021. On that same date in 2020, the total number of COVID deaths in the US was 92.5% lower. Use this information to calculate the total number of COVID deaths in the US as of April 19,2020. How many more deaths accumulated from April 19, 2020 to April 19,2021? a. 42882 b. 614644 c. 528880 d. 42882 e. 46359

Andy is investing in a 401(k) that promises 5.99% annual growth. He plans on investing $230 each month for 27 years (there is no employer matching). Excel calculates an overall account balance of $185,193.31. How much of Andy's balance is interest? a. $11,093 b. $110,673 c. $85,243 d. $24,959 e. $74,520

Mariano is investing in a 401(k) that promises 6.99% annual growth. He plans on investing $150 each month for 32 years (there is no employer matching). Excel calculates an overall account balance of $213,804,83. How much of Mariano's balance is interest? a. $69,365 b. $156,205 c. $39,853 d. $14,945 e. $57,600

In July of 2020, the United States unemployment rate was 10.2%; in August, it was 8.4%. Which of the following is true? (A) There is a 21.4% decrease in the United States unemployment rate from July to August, 2020. (B) There was a 1.8% decrease in the United States unemployment rate from July to August, 2020. (C) There is a 21.4 percentage point decrease in the United States unemployment rate from July to August, 2020. (D) There was a 17.6 percentage point decrease in the United States unemployment rate from July to August, 2020. (E) There was a 1.8 percentage point decrease in the United States unemployment rate from July to August, 2020.

Monique is deciding which raise to take for her salary: adding $1500 dollars at the end of the year to her salary or adding 1.5% of her current salary. She currently makes $70,000 a year. Which should she choose? a. Monique should add the $1500 to her salary. b. Monique should add the 1.5% to her salary. c. Unable to determine with the given information. d. Both options result in the same increase in salary, it does not matter which choice she takes. e. Monique should take half of each option (adding half of $1500 and half of 1.5%).

Steve's property tax is $140 less than Patricia's property tax. If Steve's property tax is $1,960, then Steve's property tax is what percent less than Patricia's property tax, to the nearest 0.1 percent? 6.7% 7.1% 75% 7.9% 8.3%

A refrigerator used by a wholesale warehouse has a cost of $81,100, an estimated residual value of $5,300, and an estimated useful life of 8 years. What is the amount of the annual depreciation computed by the straight-line method?

The initial margin required for futures trading can be put up by either party, whoever initiates the transaction. must be put up by both the buyer and the seller. is only put up by the buyer. is only put up by the seller.

You want to be able to withdraw $40,000 each year for 25 years. Your account earns 5% interest. a) How much do you need in your account at the beginning? b) How much total money will you pull out of the account? c) How much of that money is interest?

A loan of $6930 was made on May 24 for 214 days at 9%. Find the present value of the loan on July 19, if the time value of money is 8%. The present value of the loan on July 19 is $

Widmer Company had gross wages of $249,000 during the week ended June 17. The amount of wages subject to social security tax was $224,100, while the amount of wages subject to federal and state unemployment taxes was $31,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $49,800. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journalize the entry to record the payroll for the week of June 17. June 7 b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. June 7

The payroll register for D. Salah Company for the week ended May 18 indicated the following: Salaries $490,000 Federal income tax withheld 98,000 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $9,000 of salaries. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the payroll for the week of May 18. b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.

Hasty and Tasty Foodservice received a 120-day, 10% note for $48,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.

Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.

Journalize Period Payroll The payroll register of Patel Heritage Co. indicates $1,500 of social security withheld and $375 of Medicare tax withheld on total salaries of $25,000 for the period. Federal withholding for the period totaled $4,500. Retirement savings withheld from employee paychecks were $2,550 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank.

An employee earns $36 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours during the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $518. a. Determine the gross pay for the week. If applicable, round your final answer to two decimal places. b. Determine the net pay for the week.

The payroll register of Patel Heritage Co indicates $1,206 of social security withheld and $301.50 of Medicare tax withheld on total salaries of $20,100 for the period. Earnings of $5,600 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round to two decimal places.

The population of the prosperous city of Mathopia was 200,000 people in the year 2000. In the year 2022, the population is 1,087,308. What is the annual growth rate, r of the city during this time?

a. Suppose you make an investment of $3,000 in an account earning 9.6% interest compounded monthly. How many years will it take for your investment to grow to $125,000? SHOW YOUR WORK IN STEPS. (Round your answer to the nearest tenth of a year.)

Mr. Johnston has been investing $5,000 into his savings plan at the end of every year for the last 17 years. His investments have earned 10. 6% compounded semiannually. If he increases his annual contributions to $6,000, how much longer will it take for his savings plan to reach $1, 000, 000?

Elysa bought a car priced at $11,042 for 15% down and equal semi-annual payments for 3 years. If interest is 6% compounded quarterly, what is the size of the semi-annual payment? The size of the semi-annual payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

At what interest rate (to the nearest hundredth of a percent), would an investment of $50,000 double if it compounds monthly for 10 years? 0.0699% 6.95% 0.0699 7.00%

According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. $ b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.

Matt is saving to buy a new motorcycle. If he deposits $45 at the end of each month in an account that pays an annual interest rate of 7.5%, how much will he have in 15 months? Assume that the compounding is being done monthly

A bank offers two types of investment, the first one offers $200 rebate, and its annual interest rate is 2.3% every year. The second investment has no rebate but offers 4% annual interest that is compounded monthly. If you have $1500 to deposit, which option is better if you decide to withdraw ten years later?

Use the compound interest formulas A = P(1+r/n)^nt and A = Pe^rt to solve. Find the accumulated value of an investment of $13,000 at 4% compounded semiannually for 9 years. $15,536.20 $17,680.00 $18,567.20 $18,503.05

Scheduled payments of 558 dollars, $1393 and $573 are due in 1 1/2 years, 3 1/2 years add five and a half years respectively. What is the equivalent single replacement payment three years from now if interest is 3.3% compounded quarterly?

$7000 are invested in a bank account at an interest rate of 7 percent per year. Find the amount in the bank after 11 years if interest is compounded annually. Find the amount in the bank after 11 years if interest is compounded quaterly. Find the amount in the bank after 11 years if interest is compounded monthly. Finally, find the amount in the bank after 11 years if interest is compounded continuously.

How long will it take an investment to triple in value under continuous compounding, if the interest rate is 4%?

(a) Keith entered a raffle to win a movie ticket. The probability that he wins a movie ticket is 8 11. Find the odds in favor of him winning a movie ticket. (b) Kira is watching her favorite soccer team playing a match. The odds against her favorite team winning are 7 10. What is the probability of her favorite team winning?

A baseball team plays in a stadium that holds 58000 spectators. With the ticket price at $$9.00 the average attendance per game has been 23000. When the price dropped to $$7.00, the average attendance rose to 29000. Assume that attendance is linearly related to ticket price. Find a function that models the per game revenue in terms of the price pp (round to the nearest hundredth)

You invested $5000 between two accounts paying 6% and 8% annual interest, respectively. If the total interest earned for the year was $380, how much was invested at each rate? $ was invested at 6% and $ was invested at 8%.

The Venn diagram below shows the 11 students in Ms. Brown's class. The diagram shows the memberships for the Art Club and the Computer Club. Note that "Goran" and "Latoya" are outside the circles since they are not members of either club. One student from the class is randomly selected. Let A denote the event "the student is in the Art Club." Let B denote the event "the student is in the Computer Club." (a) Find the probabilities of the events below. Write each answer as a single fraction. P(A) = P(B) = P(A or B) = P(A and B) - P(A) + P (B) − P (A and B) =

Find the amount of each payment that must be made into a sinking fund to accumulate each amount. 1. $57,000; money earns 4% compounded semiannually for 8.5 years. 2. $1,056,788; money earns 7.2% compounded monthly for 4.5 years Find the present value of each ordinary annuity. 3. Deposits of $850 annually for 4 years at 6% compounded annually 4. Payments of $877.34 monthly for 17 months at 6.4% compounded monthly

Let M be a o-algebra on a set X. For E EM, let 1(x) be an indicator function of E. Besides, let c> 0 be a constant. Show that cle(x) is M-measurable.

A person purchased a $204,246 home 10 years ago by paying 20% down and signing a 30-year mortgage at 9.6% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 6.6% compounded monthly. How much interest will refinancing save?

Lush Gardens Co. bought a new truck for $56,000. It paid $5,600 of this amount as a down payment and financed the balance at 5.50% compounded semi-annually. If the company makes payments of $1,800 at the end of every month, how long will it take to settle the loan? __years__months Express the answer in years and months, rounded to the next payment period

7. Suppose you invest $500 at an annual interest rate of 7.1% compounded continuously. How much will you have in the account after 4 years? Round the solution to the nearest dollar. $8557 $665 $8558 $664

Mark plans to invest $2,000 to save up for a small business start-up. He estimates that in 5 years he will need $4500 to start the business. Find the interest rate that is necessary if interest is compounded continuously. Setup an equation and solve. Label your answer and round it to one decimal place.

Advanced Math find the total amount due on a loan of 8000 aed at 9% simple interest at the end of 4 months

e Saskatchewan Roughriders started a rainy day savings fund 4.5 years ago to help pay for stadium improvements. At the beginning of every quarter team has deposited $15,000.00 into the fund, which has been earning 5.4% compounded semi-annually. How much money is in the fund today?

Future value of an Annuity McDonald's major distribution partner, The Martin-Brower Company, needs at least $1 million to build a new warehouse in Medicine Hat 2 years from today. To date, it has invested $490,000.00. If it continues to invest $55,000.00 at the end of every quarter into a fund earning 5% quarterly, will it have enough money to build the warehouse 2 years from now? How much money will it have? The Martin-Brower Company's $490,000.00 will have grown to and its $55,000.00 deposits will have grown to for a total of . Thus, it have enough money 2 years from now.

If you want to earn $725.00 of simple interest at a rate of 7% in a span of 10 months, how much money must you invest? (Round your answer to two decimal places.) You would need to invest

How long will it take $7,250.00 to become $12,250.00 at 8.25% compounded weekly?

If you want to earn $700.00 of simple interest at a rate of 6% in a span of 9 months, how much money must you invest? (Round your answer to two decimal places.) You would need to invest

Two years after opening an account that paid simple interest of 5.55% annually, a depositor withdrew the $1,332 in interest eamed. How much money was left in the account?