BUSINESS MATH QUIZ QUESTIONS
WITH COMPLETE SOLUTIONS
The Heckmann family puts a lump sum into an account that pays 8.3% interest
compounded semi-annually. How long will it take to triple this amount? (round to one
decimal place) - ANSWER-13.5 years
Solution
m=2
t=t
N = 2t
I = 8.3
PV = -1
PMT = 0
FV = 3
P/Y = m = 2
1) N / 2 = 27. = 13.5
Mr. Wagstaff deposits $10 each week into an annuity paying 1.8% interest compounded
weekly. How much money will he have in the account after 9 years? - ANSWER-
$5079.45
Solution
m = 52
t=9
N = 468
I = 1.8
PV = 0
PMT = -10
FV = FV
P/Y = m = 52
Analissa deposits $2400 into a bank account paying simple interest. Three months later
he has $2435 in the account. Assuming no other deposits or withdrawals, what is the
interest rate on the account? (write as a percentage with 2 decimal places) - ANSWER-
5.83%
Solution
A = 2435
P = 2400
r=r
t = 3/12
WITH COMPLETE SOLUTIONS
The Heckmann family puts a lump sum into an account that pays 8.3% interest
compounded semi-annually. How long will it take to triple this amount? (round to one
decimal place) - ANSWER-13.5 years
Solution
m=2
t=t
N = 2t
I = 8.3
PV = -1
PMT = 0
FV = 3
P/Y = m = 2
1) N / 2 = 27. = 13.5
Mr. Wagstaff deposits $10 each week into an annuity paying 1.8% interest compounded
weekly. How much money will he have in the account after 9 years? - ANSWER-
$5079.45
Solution
m = 52
t=9
N = 468
I = 1.8
PV = 0
PMT = -10
FV = FV
P/Y = m = 52
Analissa deposits $2400 into a bank account paying simple interest. Three months later
he has $2435 in the account. Assuming no other deposits or withdrawals, what is the
interest rate on the account? (write as a percentage with 2 decimal places) - ANSWER-
5.83%
Solution
A = 2435
P = 2400
r=r
t = 3/12
