# Financial Applications: Question Preview (ID: 8043)

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**Karl borrows $500 for 4 years at an annual simple interest rate of 12% per year. What is the amount that must be repaid?**

a) $60

b) $240

c) $560

d) $740

**Jasmine invests $400 at 8% annual interest, compounded annually. How much interest will be earned after 5 years?**

a) $160

b) $187.73

c) $560

d) $587.73

**If an amount is invested at 6.5% per year, compounded semi-annually, for 3 years, determine the number of compounding periods and the interest rate per compounding period.**

a) n=3, i = 0.065

b) n= 6, i=0.0325

c) n=1.5, i=0.13

d) n=12, i=0.01625

**An amount is deposited into an account that earns 9% per year, compounded quarterly. After 6 years, the amount in the account is $597.02. What is the present value?**

a) $350.00

b) $355.98

c) $404.24

d) $421.36

**Deanna invests $500 at 8% per year simple interest. She puts money in the bank on July 1 and takes it out on December 3. How much money does she take out?**

a) $515.99

b) $506.99

c) $516.99

d) $517.99

**Leon has $3000 that he wants to invest for 6 years. Which options should he choose? Option A: 5.2% annual interest, compounded quarterly OR Option B: 5% annual interest, compounded monthly.**

a) Option A

b) Option B

c) Both Option A and B

d) None

**You invest $1000 at 6% per year, compounded quarterly, for 3 years. What interest rate, compounded monthly, will give the same results?**

a) 4.25%

b) 3.44%

c) 5.15%

d) 5.97%

**An account paying 7.25% annual interest, compounded semi-annually, has a future value of $1429 in 8 years. What is the present value of the account? AND How much more interest will have been earned than if simple interest was paid?**

a) $805.50; $145.76

b) $808.35; $151.81

c) $809.11; $153.71

d) $808.35; $149.83

**To have $5000 at the end of 8 years, how much do you need to invest today, at 6% per annum, compounded semi-annually?**

a) $2987.03

b) $3110.47

c) $3115.83

d) $3101.19

**Jerry deposited $300 into an account that earns 6.7% annual interest, compounded daily. When he closed the account, the amount had grown to $348.56. How long was the money invested?**

a) 800 days

b) 813 days

c) 817 days

d) 821 days

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