HESI TEST BANK ON BANKING NEW FINAL
EXAM 2024 QUESTIONS WITH CORRECT
ANSWERS GRADED A+|REAL EXAM!!!
In the formula I=P·r·t, what does r stand for?
a.
Rate: the percent that interest is paid annually as a decimal
b.
Ratio: the size of the interest interval compared to time
c.
Return: how much money you end up earning
d.
Reserves: how much money you have in the investment - ANSWERS -A
Approximately how much principal would need to be placed into an account earning 3.575% interest
compounded quarterly so that it has an accumulated value of $68,000 at the end of 30 years?
a.
$23,706
b.
$23,377
c.
$52,069
d.
$58,944 - ANSWERS -B
Roberta's monthly bank statement says that she has a balance of 386.29, but Roberta's check register
says that her balance is 370.77. Which of the following are still outstanding?
I. A $78.17 check to the electric company
, II. A $16.15 deposit from Roberta's roommate
III. A $22.67 check to the grocery store
IV. A $62.65 deposit from Roberta's tax return
a.
I and II
b.
II and III
c.
II and IV
d.
I and IV - ANSWERS -D
The same amount of principal is invested in different accounts earning the same interest rate. Which of
the following accounts would have the greatest accumulated value at the end of one year?
a.
An account earning no interest
b.
An account earning simple interest
c.
An account earning interest compounded annually
d.
An account earning interest compounded daily - ANSWERS -D
Richard's checkbook register as of 02/19:Enter the following transactions into Richard's checkbook
register and state his ending balance: - ANSWERS -B
Mary and Lewis each open a savings account at the same time. Mary invests $3,700 in an account
yielding 3.2% simple interest, and Lewis invests $3,000 in an account yielding 5.9% simple interest. After
fifteen years, who has the greater total amount of money, and how much greater is it?
a.
EXAM 2024 QUESTIONS WITH CORRECT
ANSWERS GRADED A+|REAL EXAM!!!
In the formula I=P·r·t, what does r stand for?
a.
Rate: the percent that interest is paid annually as a decimal
b.
Ratio: the size of the interest interval compared to time
c.
Return: how much money you end up earning
d.
Reserves: how much money you have in the investment - ANSWERS -A
Approximately how much principal would need to be placed into an account earning 3.575% interest
compounded quarterly so that it has an accumulated value of $68,000 at the end of 30 years?
a.
$23,706
b.
$23,377
c.
$52,069
d.
$58,944 - ANSWERS -B
Roberta's monthly bank statement says that she has a balance of 386.29, but Roberta's check register
says that her balance is 370.77. Which of the following are still outstanding?
I. A $78.17 check to the electric company
, II. A $16.15 deposit from Roberta's roommate
III. A $22.67 check to the grocery store
IV. A $62.65 deposit from Roberta's tax return
a.
I and II
b.
II and III
c.
II and IV
d.
I and IV - ANSWERS -D
The same amount of principal is invested in different accounts earning the same interest rate. Which of
the following accounts would have the greatest accumulated value at the end of one year?
a.
An account earning no interest
b.
An account earning simple interest
c.
An account earning interest compounded annually
d.
An account earning interest compounded daily - ANSWERS -D
Richard's checkbook register as of 02/19:Enter the following transactions into Richard's checkbook
register and state his ending balance: - ANSWERS -B
Mary and Lewis each open a savings account at the same time. Mary invests $3,700 in an account
yielding 3.2% simple interest, and Lewis invests $3,000 in an account yielding 5.9% simple interest. After
fifteen years, who has the greater total amount of money, and how much greater is it?
a.
