Question
Determine the interest earned and the final amount in an account that begins with a $10,000 investment. It earns 4.75% simple interest for 13 years. Round the answers to two decimal places.
*Drag and drop the correct answer into each spot.
*Remember to use your STAAR Reference Sheet for support!
(2 points)
Put responses in the correct input to answer the question. Select a response, navigate to the desired input and insert the response. Responses can be selected and inserted using the space bar, enter key, left mouse button or touchpad. Responses can also be moved by dragging with a mouse.
The accrued interest is $ Response area, and the final amount in the account at the end of the 13 years is
A deposit of $7,912 is made into a new account that earns 5.75% simple interest. No additional deposits or withdrawals will be made for 2 years.
Which amount is closest to the balance in the account at the end of 2 years?
*Remember to use your STAAR Reference Sheet for support!
(1 point)
Responses
$9,732
$9,732
$7,924
$7,924
$8,822
$8,822
$8,848
The compound interest formula gives the total account value at the end of the time period.
If we want to find the interest accrued during that time, we need to subtract the principal from that total.
*Remember to use your STAAR Reference Sheet for support!
(1 point)
Responses
True
True
False
Chris invests $15,000 in a retirement account with an annual compound interest rate of 3.4%. Find the total amount of the investment after 27 years.
Round answers to the nearest cent (hundredth).
*Remember to use your STAAR Reference Sheet for support!
(1 point)
Responses
$13,770.00
$13,770.00
$28,770.00
$28,770.00
$36,995.24
$36,995.24
$21,995.24
When Martin was born, his father set up a $5,000 college fund for him with an annual compound interest rate of 7.3%.
What is the total value of this account after 18 years, and what was the interest earned on the account? Round the answers to two decimal places.
*Remember to use your STAAR Reference Sheet for support!
(2 points)
The final amount of the college fund is $
, and the amount of interest earned on the account is $
.
Angel wants to invest $7,000 for 3 years. He has two investing options.
Option 1: Investing with a 15% simple interest rate.
Option 2: Investing with a 12% annual compound interest rate.
Find the interest earned for each option to help Angel determine which investing option will give him more interest earned. Round to the nearest whole amount if needed.
*Remember to use your STAAR Reference Sheet for support!
(3 points)
Put responses in the correct input to answer the question. Select a response, navigate to the desired input and insert the response. Responses can be selected and inserted using the space bar, enter key, left mouse button or touchpad. Responses can also be moved by dragging with a mouse.
Option 1 interest earned = $ Response area
Option 2 interest earned = $ Response area
The best is option number Response area
Alvin wants to become a welder. He can save $250 a month for two years, and his family has promised to help him with the rest. His training will cost approximately $9,500. How much will his family need to pay?(1 point)
Responses
$3,500
$3,500
$2,000
$2,000
$5,500
$5,500
$1,000
Jefferson stops by a fast-food restaurant for a $3.50 cheeseburger every day. If he only ate at home and eliminated this cost, how much could he save after 10 weeks?(1 point)
Responses
$1,000
$1,000
$400
$400
$200
$200
$245
Analyzing the situation for financial responsibility, what is the most immediate threat to your finances from playing online video games?(1 point)
Responses
neglecting your studies
neglecting your studies
spending too much time playing
spending too much time playing
losing track of microtransactions while playing online
losing track of microtransactions while playing online
staying up too late every night
*Drag and drop the correct answer into each spot.
*Remember to use your STAAR Reference Sheet for support!
(2 points)
Put responses in the correct input to answer the question. Select a response, navigate to the desired input and insert the response. Responses can be selected and inserted using the space bar, enter key, left mouse button or touchpad. Responses can also be moved by dragging with a mouse.
The accrued interest is $ Response area, and the final amount in the account at the end of the 13 years is
A deposit of $7,912 is made into a new account that earns 5.75% simple interest. No additional deposits or withdrawals will be made for 2 years.
Which amount is closest to the balance in the account at the end of 2 years?
*Remember to use your STAAR Reference Sheet for support!
(1 point)
Responses
$9,732
$9,732
$7,924
$7,924
$8,822
$8,822
$8,848
The compound interest formula gives the total account value at the end of the time period.
If we want to find the interest accrued during that time, we need to subtract the principal from that total.
*Remember to use your STAAR Reference Sheet for support!
(1 point)
Responses
True
True
False
Chris invests $15,000 in a retirement account with an annual compound interest rate of 3.4%. Find the total amount of the investment after 27 years.
Round answers to the nearest cent (hundredth).
*Remember to use your STAAR Reference Sheet for support!
(1 point)
Responses
$13,770.00
$13,770.00
$28,770.00
$28,770.00
$36,995.24
$36,995.24
$21,995.24
When Martin was born, his father set up a $5,000 college fund for him with an annual compound interest rate of 7.3%.
What is the total value of this account after 18 years, and what was the interest earned on the account? Round the answers to two decimal places.
*Remember to use your STAAR Reference Sheet for support!
(2 points)
The final amount of the college fund is $
, and the amount of interest earned on the account is $
.
Angel wants to invest $7,000 for 3 years. He has two investing options.
Option 1: Investing with a 15% simple interest rate.
Option 2: Investing with a 12% annual compound interest rate.
Find the interest earned for each option to help Angel determine which investing option will give him more interest earned. Round to the nearest whole amount if needed.
*Remember to use your STAAR Reference Sheet for support!
(3 points)
Put responses in the correct input to answer the question. Select a response, navigate to the desired input and insert the response. Responses can be selected and inserted using the space bar, enter key, left mouse button or touchpad. Responses can also be moved by dragging with a mouse.
Option 1 interest earned = $ Response area
Option 2 interest earned = $ Response area
The best is option number Response area
Alvin wants to become a welder. He can save $250 a month for two years, and his family has promised to help him with the rest. His training will cost approximately $9,500. How much will his family need to pay?(1 point)
Responses
$3,500
$3,500
$2,000
$2,000
$5,500
$5,500
$1,000
Jefferson stops by a fast-food restaurant for a $3.50 cheeseburger every day. If he only ate at home and eliminated this cost, how much could he save after 10 weeks?(1 point)
Responses
$1,000
$1,000
$400
$400
$200
$200
$245
Analyzing the situation for financial responsibility, what is the most immediate threat to your finances from playing online video games?(1 point)
Responses
neglecting your studies
neglecting your studies
spending too much time playing
spending too much time playing
losing track of microtransactions while playing online
losing track of microtransactions while playing online
staying up too late every night
Answers
There are no human answers yet.
Answered by
GPT-4o mini
Let's solve each of the problems step by step.
1. **Determine the interest earned and the final amount in an account that begins with a $10,000 investment with 4.75% simple interest for 13 years.**
- Interest earned (I) = Principal (P) * Rate (R) * Time (T)
- I = $10,000 * 0.0475 * 13
- I = $10,000 * 0.0475 * 13 = $6175
- Final amount = Principal + Interest = $10,000 + $6,175 = $16,175
- ***The accrued interest is $6,175, and the final amount in the account at the end of the 13 years is $16,175.***
2. **A deposit of $7,912 is made into a new account that earns 5.75% simple interest for 2 years.**
- Interest = $7,912 * 0.0575 * 2
- Interest = $7,912 * 0.0575 * 2 = $910.70
- Final amount = Principal + Interest = $7,912 + $910.70 = $8,822.70, approximately $8,822 when rounded to the nearest whole number.
- ***The correct answer is $8,822.***
3. **Compound interest formula gives the total account value at the end of the time period.**
- **True.** To find the interest accrued, we subtract the principal from the total account value.
4. **Chris invests $15,000 at an annual compound interest rate of 3.4% for 27 years.**
- Future Value = P(1 + r)^n
- FV = 15000(1 + 0.034)^27
- FV = 15000 * (1.034)^27 ≈ 15000 * 2.4735768 ≈ $37,103.66
- ***Round to the nearest cent: $37,103.66 (not listed; check for rounding).*** Not among the given response options; check your inputs again.
5. **Martin's $5,000 college fund grows at 7.3% compound interest for 18 years.**
- FV = P(1 + r)^n
- FV = 5000(1 + 0.073)^18
- FV = 5000 * (1.073)^18 ≈ $19,979.67
- Interest earned = FV - Principal = $19,979.67 - $5,000 = $14,979.67
- ***Final amount is $19,979.67, and interest earned is $14,979.67.***
6. **Angel's options for investing $7,000 for 3 years.**
- **Option 1 (Simple Interest)**: Interest = P * r * t = $7,000 * 0.15 * 3 = $3,150.
- **Option 2 (Compound Interest)**: FV = P(1 + r)^n = 7000(1 + 0.12)^3 = $7,000 * (1.12)^3
- FV ≈ 7000 * 1.404928 = $9,834.50, Interest = FV - Principal = $9,834.50 - $7,000 = $2,834.50.
- ***Option 1 interest earned = $3,150; Option 2 interest earned = $2,834; the best is option number 1.***
7. **Alvin wants to become a welder. Savings needed from family for $9,500 training.**
- Total saved in 2 years: $250 * 12 months * 2 years = $6,000
- Amount family needs to pay = Total cost - Total saved = $9,500 - $6,000 = $3,500.
- ***The family needs to pay $3,500.***
8. **Jefferson's cheeseburger cost elimination over 10 weeks.**
- If he buys a cheeseburger every day: $3.50 * 7 days = $24.50 per week
- In 10 weeks: $24.50 * 10 = $245.00.
- ***Jefferson could save $245.***
9. **Most immediate financial threat from online video games?**
- ***Neglecting your studies.***
Please use these answers to fill in your corresponding response areas.
1. **Determine the interest earned and the final amount in an account that begins with a $10,000 investment with 4.75% simple interest for 13 years.**
- Interest earned (I) = Principal (P) * Rate (R) * Time (T)
- I = $10,000 * 0.0475 * 13
- I = $10,000 * 0.0475 * 13 = $6175
- Final amount = Principal + Interest = $10,000 + $6,175 = $16,175
- ***The accrued interest is $6,175, and the final amount in the account at the end of the 13 years is $16,175.***
2. **A deposit of $7,912 is made into a new account that earns 5.75% simple interest for 2 years.**
- Interest = $7,912 * 0.0575 * 2
- Interest = $7,912 * 0.0575 * 2 = $910.70
- Final amount = Principal + Interest = $7,912 + $910.70 = $8,822.70, approximately $8,822 when rounded to the nearest whole number.
- ***The correct answer is $8,822.***
3. **Compound interest formula gives the total account value at the end of the time period.**
- **True.** To find the interest accrued, we subtract the principal from the total account value.
4. **Chris invests $15,000 at an annual compound interest rate of 3.4% for 27 years.**
- Future Value = P(1 + r)^n
- FV = 15000(1 + 0.034)^27
- FV = 15000 * (1.034)^27 ≈ 15000 * 2.4735768 ≈ $37,103.66
- ***Round to the nearest cent: $37,103.66 (not listed; check for rounding).*** Not among the given response options; check your inputs again.
5. **Martin's $5,000 college fund grows at 7.3% compound interest for 18 years.**
- FV = P(1 + r)^n
- FV = 5000(1 + 0.073)^18
- FV = 5000 * (1.073)^18 ≈ $19,979.67
- Interest earned = FV - Principal = $19,979.67 - $5,000 = $14,979.67
- ***Final amount is $19,979.67, and interest earned is $14,979.67.***
6. **Angel's options for investing $7,000 for 3 years.**
- **Option 1 (Simple Interest)**: Interest = P * r * t = $7,000 * 0.15 * 3 = $3,150.
- **Option 2 (Compound Interest)**: FV = P(1 + r)^n = 7000(1 + 0.12)^3 = $7,000 * (1.12)^3
- FV ≈ 7000 * 1.404928 = $9,834.50, Interest = FV - Principal = $9,834.50 - $7,000 = $2,834.50.
- ***Option 1 interest earned = $3,150; Option 2 interest earned = $2,834; the best is option number 1.***
7. **Alvin wants to become a welder. Savings needed from family for $9,500 training.**
- Total saved in 2 years: $250 * 12 months * 2 years = $6,000
- Amount family needs to pay = Total cost - Total saved = $9,500 - $6,000 = $3,500.
- ***The family needs to pay $3,500.***
8. **Jefferson's cheeseburger cost elimination over 10 weeks.**
- If he buys a cheeseburger every day: $3.50 * 7 days = $24.50 per week
- In 10 weeks: $24.50 * 10 = $245.00.
- ***Jefferson could save $245.***
9. **Most immediate financial threat from online video games?**
- ***Neglecting your studies.***
Please use these answers to fill in your corresponding response areas.
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