Savings plans Quiz
Name: ______________________ Date: __________ Score: ____ / 10
10 questions. Calculator allowed. Show your working. steplyclass.com/algebra-2/savings-plans/quiz/
1
$200 is deposited at the end of each month into an account paying 6% compounded monthly. How much is in the account after 5 years?Answer: ____________________
2
$1,000 is deposited at the end of each year into an account paying 5% compounded yearly. How much is in the account after 10 years?Answer: ____________________
3
$50 is deposited at the end of each month into an account paying 6% compounded monthly. How much is in the account after 4 years?Answer: ____________________
4
$150 is deposited at the end of each month into an account paying 2.4% compounded monthly. How much is in the account after 3 years?Answer: ____________________
5
$300 is deposited at the end of each quarter into an account paying 8% compounded quarterly. How much is in the account after 10 years?Answer: ____________________
6
$400 is deposited at the end of each month into an account paying 1.2% compounded monthly. How much is in the account after 1 year?Answer: ____________________
7
$600 is deposited at the end of each quarter into an account paying 2% compounded quarterly. How much is in the account after 5 years?Answer: ____________________
8
How much must be deposited at the end of each month at 4% compounded monthly to have $10,000 after 5 years?Answer: ____________________
9
How much must be deposited at the end of each year at 5% compounded yearly to have $50,000 after 15 years?Answer: ____________________
10
How much must be deposited at the end of each month at 3% compounded monthly to have $5,000 after 3 years?Answer: ____________________
Answer key
- FV ≈ $13,954.01
- FV ≈ $12,577.89
- FV ≈ $2,704.89
- FV ≈ $5,593.36
- FV ≈ $18,120.59
- FV ≈ $4,826.49
- FV ≈ $12,587.47
- PMT = $150.84
- PMT = $2,317.12
- PMT = $132.91
Every answer solved step by step: steplyclass.com/algebra-2/savings-plans/quiz/answers/