The present value of the money in your savings account is $420, andyou're receiving 3% annual interest compounded monthly. what is the future value in two months? a.$432.60 b. $426 c. $422.10 d. $424.11
You've just received anorder of silk flower arrangements from your wholesaler. You paid $20.00 each for them. Your store uses a 10% markup rate. What is the selling price of the silk flower arrangements?
a. $200 b. $22.00 c. $2.00 d. $30.00
Your yearly off ice supply budget is $1,200. You psend $350 each year onpaper. What percent of your budget do you spend on paper? (Round off your answer to two places)
a. 30% b. 29% c. 41% d. 42%
How much simple interest would Kaitlyn earnon $300 at 6% for 6 months?
a. $18 b. $9 c. $54 d. $27
At the beginning of the week, a particular stock sold for 29 3/8 per share. At the end of the same week it sold for 31 2/8. What was the amount of increase per share?
a. 2 3/8 b. 1 7/8 c. 2 5/8 d. 2 1/8
What is the interest on $800 at 6% for 4 years?
a. $19.20 b. $182.00 c. 48.00
d. $192.00
To answer these questions, we need to use mathematical formulas or calculations. Let's break down each question and explain how to get the answer:
1. The present value of money in a savings account is $420. We need to calculate the future value in two months using compound interest. The formula for compound interest is:
Future Value = Present Value * (1 + (Interest Rate / Number of Compounding Periods)) ^ (Number of Compounding Periods * Time)
In this case, the interest rate is 3% per year, compounded monthly. So, the interest rate for each month is 3% / 12 = 0.25%. Plugging in the values into the formula:
Future Value = $420 * (1 + (0.25% / 100))^2
Calculating this will give us the future value. Choose the option that matches the calculated value.
2. The selling price of the silk flower arrangements can be found by adding the markup rate to the cost price. The formula for calculating the selling price is:
Selling Price = Cost Price + (Markup Rate * Cost Price)
In this case, the cost price is $20.00, and the markup rate is 10%. Plugging in the values into the formula:
Selling Price = $20.00 + (10% * $20.00)
Calculating this will give us the selling price. Choose the option that matches the calculated value.
3. To find the percentage of the budget spent on paper, we need to divide the amount spent on paper by the total budget and multiply by 100. The formula for calculating the percentage is:
Percentage = (Amount Spent / Total Budget) * 100
In this case, the amount spent on paper is $350 and the total budget is $1,200. Plugging in the values into the formula:
Percentage = ($350 / $1,200) * 100
Calculating this will give us the percentage. Round off the answer to two decimal places. Choose the option that matches the calculated value.
4. Simple interest can be calculated using the formula:
Interest = Principal * Rate * Time
In this case, the principal is $300, the rate is 6% per year, and the time is 6 months. Converting the rate to a decimal and plugging in the values into the formula:
Interest = $300 * (6% / 100) * (6 / 12)
Calculating this will give us the interest earned. Choose the option that matches the calculated value.
5. The amount of increase per share can be found by subtracting the initial stock price from the final stock price. In this case, we have the prices in fraction form, so we need to convert them to decimal or mixed number form for easier calculations:
Initial Stock Price = 29 3/8 = 29.375
Final Stock Price = 31 2/8 = 31.25
Increase per Share = Final Stock Price - Initial Stock Price
Calculating this will give us the increase per share. Choose the option that matches the calculated value.
6. The interest on $800 at a 6% annual interest rate for 4 years can be calculated using the simple interest formula:
Interest = Principal * Rate * Time
In this case, the principal is $800, the rate is 6% per year, and the time is 4 years. Converting the rate to a decimal and plugging in the values into the formula:
Interest = $800 * (6% / 100) * 4
Calculating this will give us the interest earned. Choose the option that matches the calculated value.