Unit Test — Unit test Answers

June has a savings account with an annual simple interest rate of 2.6%. She hopes to gain $6,500 in interest over a period of eleven years. To accomplish this, June invested $17,801 in the account, but later realized that this was not enough money. To the nearest dollar, how much more money should June have initially invested to reach her goal?

Money is invested into an account earning 4.25% interest compounded annually. If the accumulated value after 18 years will be $25,000, approximately how much money is presently in the account?

In the formula I=P·r·t, what does P stand for?

An investment of $7,650 earns interest at the rate of 5% and is compounded quarterly. What is the accumulated value of the investment at the end of 9 years?

Nicole deposits $2,136 in a savings account paying 5.36% interest. To the nearest dollar, how much money does Nicole have in total after nine years?

Ike invests $7,660 in an account paying 7.27% simple interest annually. How much interest has Ike gained after four years?

Which best describes the economic impact of defaulting on bank loans?

How are digital wallets different from Peer-to-Peer (P2P) systems for in-person payments?

How do bank loans help the nation’s economy?

How are E-checks and electronic fund transfers (EFTs) similar in the way they process transactions?

The government of Country C has passed a law protecting the physical safety of factory workers. This is an example of

When a government decides to limit the number of goods that can be sold to another nation, that government is creating

What role does the Federal Reserve play? Check all that apply.Regulate the banking industryLoan money to banksGive individual loansGive corporate loansTransfers any profits to the Treasury

Fiona wrote a check to the veterinarian for $89.56. She’ll use the check register to record her transaction. What will be her new balance?