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Algebra 2
Practice Quiz 484

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Mrs. Hartman deposits $1600 in a bank account.
Find the balance, after 3 years, if the account:

1.  pays 2.5% annual interest compounded yearly.
 $1,720.00
 $1,723.03
 $1,612.50		 2. pays 2.5% annual interest compounded quarterly.
$542,450.82
$1,724.21
$1,618.42
3.  pays 2.5% annual interest compounded monthly.
$1,454,933.71
$1,724.48
 $1,705.11		  
4.  Mr. Whitford buys a new car for $22,000.  The value decreases by 12.5% each year.  Find the approximate value of the car in 3 years.
$14,738.28
- $343.75
 $19,250.00		 5. Mr. Beshalske bought an antique table for $525.  Past records indicate that the table will increase in value 5% each year.  How much should the table be worth in 3 years?
$551.25
$113,400
$607.75
6.  Mr. Prueitt deposited $1600 in a bank account 3 years ago.  He now has $2052.  At what annual rate of interest did he deposit his money if interest was compounded biannually?
 8.6%
  4.3%
  17.2%		  
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