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1. You have $2500 that you invest at 6% simple interest.

What is the balance after four


years?
A) $310 B) $600 C) $3100 D) $6000

2. You have $3500 that you invest at 7% simple interest. How long will it take for your
balance to reach $4235?
A) Two years B) Three years C) Four years D) Five years

3. You have $7000 that you invest at 9% simple interest. What is the balance after 14
years?
A) $12,390 B) $15,820 C) $63,000 D) $882,000

4. You have $4300 that you invest at 5% simple interest. How long will it take for your
balance to reach $7525?
A) 14 years B) 15 years C) 16 years D) 17 years

5. Suppose you invest in an account that pays 5% interest, compounded quarterly. You
would like your investment to grow to $5000 in 16 years. How much would you have to
invest in order for this to happen?
A) $2258 B) $2374 C) $3125 D) $4153

6. Merrie borrowed $1000 from her parents, agreeing to pay them back when she
graduated from college in five years. If she paid interest compounded quarterly at 5%,
how much would she owe at the end of the five years?
A) $1050 B) $1282 C) $1503 D) $1581

7. Suppose you invest in an account that pays 6% interest, compounded quarterly. You
would like your investment to grow to $8000 in 14 years. How much would you have to
invest in order for this to happen?
A) $2125 B) $2290 C) $2650 D) $3475

8. Merrie borrowed $500 from her parents, agreeing to pay them back when she graduated
from college in four years. If she paid interest compounded daily at 16%, how much
would she owe at the end of the four years?
A) $948 B) $1029 C) $1237 D) $1581

9. What is the APY for 5.3% compounded quarterly?


A) 5.3% B) 5.4% C) 5.5% D) 5.6%

10. What is the APY for 6% compounded weekly?


A) 6.00% B) 6.09% C) 6.18% D) 7.25%

11. What is the APY for 9.6% compounded daily?


A) 9.6% B) 10.1% C) 12.2% D) 13.0%

12. What is the APY for 10.2% compounded quarterly?

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Chapter 21: Multiple Choice

A) 9.5% B) 9.7% C) 10.2% D) 10.6%

13. What is the APY for 7.5% compounded quarterly?


A) 7.3% B) 7.5% C) 7.7% D) 8.1%

14. What is the APY for 6.25% compounded daily?


A) 6.25% B) 6.45% C) 6.95% D) 7.25%

15. What is the APY for 12.3% compounded weekly?


A) 11.8% B) 12.3% C) 12.7% D) 13.1%

16. What is the APY for 9.7% compounded annually?


A) 9.5% B) 9.7% C) 10.2% D) 10.9%

17. Tara has $85 deducted from her paycheck at the end of each month and put into a
savings account earning 9% interest compounded monthly. She continues these deposits
for ten years. How much is the account worth at the end of the ten years?
A) $208 B) $2496 C) $16,450 D) $21,150

18. A man cuts back on his latte habit and instead makes $20 deposits each month into a
savings account earning 6% interest compounded monthly. He continues these deposits
for eight years. How much will the account be worth after eight years?
A) $1920 B) $2457 C) $2941 D) $3250

19. The Martin family has decided to save up for a new swimming pool. They want to save
$14,000 in four years. They find a savings account for which interest is compounded
daily at 7.6%. How much will they have to deposit each month to meet this goal?
A) $541.84 B) $627.41 C) $689.50 D) $756.86

20. Juanita has $100 deducted from her paycheck at the end of each month and put into a
savings account earning 11% interest compounded monthly. She continues these
deposits for five years. How much is the account worth at the end of the five years?
A) $7952 B) $9827 C) $10,450 D) $11,150

21. A man makes $10 deposits each month into a savings account earning 8% interest
compounded quarterly. He continues these deposits for 12 years. How much will the
account be worth after 12 years?
A) $794 B) $827 C) $952 D) $1056

22. The Chavez family has decided to save up for a new spa. They want to save $10,000 in
five years. They find a savings account for which interest is compounded monthly at
8.2%. How much will they have to deposit each month to meet this goal?
A) $54 B) $97 C) $135 D) $256

23. 1 1 1
1  2  3
Use the geometric series formula to find the sum of b b b .

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Chapter 21: Multiple Choice

1 1
1 1
b3 b4
b3 1 1 b4 1 1
1 1
A) b  1 B) b C) b  1 D) b

24. Use the geometric series formula to find the sum of 1 – q + q2 – q3 + q4.
(q) 5  1 q5 1   q 4 1 q 4 1
A) (q)  1 B) q  1 C)   q   1 D) q  1

25. 1 1 1 1
1  2 3 4
Use the geometric series formula to find the sum of 4 4 4 4 .
1 1
5
1 1
4 44
45  1 1 44 1 1
1 1
A) 4  1 B) 4 C) 4  1 D) 4

26. Use the geometric series formula to find the sum of 1 – 2 + 4 – 8 + 16.
  2 4  1 24 1 (2) 5  1 25  1
A)   2  1 B) 2  1 C) (2)  1 D) 2  1

27. A car was purchased in 1980 for $12,000. Its value in current dollars depreciates
steadily at a rate of 14% per year. What will the car's value be at the beginning of 2003?
A) $1920.05 B) $745.20 C) $628.52 D) $373.81

28. A computer was purchased in 1999 for $3000. Its value in current dollars depreciates
steadily at a rate of 25% per year. What will the computer's value be at the beginning of
2003?
A) $1920.05 B) $949.22 C) $652.28 D) $373.81

29. A car was purchased in 1985 for $15,000. Its value in current dollars depreciates
steadily at a rate of 13% per year. What will the car's value be at the beginning of 2003?
A) $1187.25 B) $1223.03 C) $1314.58 D) $1551.05

30. A computer was purchased in 1996 for $2500. Its value in current dollars depreciates
steadily at a rate of 30% per year. What will the computer's value be at the beginning of
2003?
A) $205.89 B) $301.20 C) $420.87 D) $580.26

31. Betty bought a house in 1987 for $99,000 and sold it in 2001. If the 1987 CPI is 113.6
and the 2001 CPI is 177.1, how much would the house be worth in 2001 dollars?
A) $165,157 B) $154,339 C) $134,921 D) $102,356

32. Javier bought a house in 1974 for $49,000 and sold it in 1997. If the 1974 CPI is 49.3

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Chapter 21: Multiple Choice

and the 1997 CPI is 160.5, how much would the house be worth in 1997 dollars?
A) $159,523 B) $123,086 C) $95,157 D) $65,456

33. In early 2002 the inflation rate was about 1.4%. If you invested in a savings account
with an annual interest rate of 4.8%, what was the real growth rate of this investment?
A) 1.66% B) 3.35% C) 4.27% D) 6.12%

34. Buck bought a house in 1967 for $19,000 and sold it in 2001. If the 1967 CPI is 33.4
and the 2001 CPI is 177.1, how much would the house be worth in 2001 dollars?
A) $115,157 B) $100,745 C) $94,921 D) $25,356

35. John bought a house in 1947 for $19,000 and sold it in 1997. If the 1947 CPI is 22.3 and
the 1997 CPI is 160.5, how much would the house be worth in 1997 dollars?
A) $115,157 B) $101,086 C) $94,921 D) $25,356

36. In late 2001 the inflation rate was about 2.9%. If you invested in a savings account with
an annual interest rate of 9.2%, what was the real growth rate of this investment?
A) 1.66% B) 3.35% C) 4.27% D) 6.12%

37. Candas made an investment with a 10% annual yield. However, the real growth rate of
her investment was only 8.2%. What was the inflation rate?
A) 1.66% B) 3.35% C) 4.27% D) 6.12%

38. Sindee wants to make an investment that will have a real growth rate of 9%. If the
current inflation rate is 1.97%, what annual interest rate will she need to get on his
investment to accomplish her goal?
A) 8.50% B) 7.63% C) 11.15% D) 12.82%

39. Ray wants to make an investment that will have a real growth rate of 5%. If the current
inflation rate is 2.5%, what annual interest rate will he need to get on his investment to
accomplish his goal?
A) 8.50% B) 7.63% C) 11.15% D) 12.82%

40. Joe wants to make an investment that will have a real growth rate of 7%. If the current
inflation rate is 1.4%, what annual interest rate will he need to get on his investment to
accomplish his goal?
A) 8.50% B) 7.63% C) 11.15% D) 12.82%

41. Katrina invested in her employer's stock program in 1992. The annual yield for her
investment was 9.3%, and the inflation rate was 1.47%. What was the real growth rate
of this investment?
A) 6.06% B) 6.59% C) 7.48% D) 7.72%

42. Pat invested in her employer's stock program in 1981. The annual yield for her
investment was 6.5%, but the inflation rate was 7.8%. What was the real growth rate of
this investment?

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Chapter 21: Multiple Choice

A) –1.21% B) –2.09% C) –3.30% D) –4.41%

43. In early 2002 the inflation rate was about 1.4%. If you invested in a savings account
with an annual interest rate of 6.5%, what was the real growth rate of this investment?
A) 3.24% B) 4.19% C) 4.47% D) 5.03%

44. In late 2001 the inflation rate was about 2.9%. If you invested in a savings account with
an annual interest rate of 7.5%, what was the real growth rate of this investment?
A) 3.24% B) 4.19% C) 4.47% D) 5.03%

45. Karen made an investment with a 12% annual yield. However, the real growth rate of
her investment was only 7.5%. What was the inflation rate?
A) 3.24% B) 4.19% C) 4.47% D) 5.03%

46. Brad wants to make an investment that will have a real growth rate of 12%. If the
current inflation rate is 2.38%, what annual interest rate will he need to get on his
investment to accomplish his goal?
A) 8.65% B) 9.40% C) 14.67% D) 15.82%

47. Monte wants to make an investment that will have a real growth rate of 6%. If the
current inflation rate is 2.5%, what annual interest rate will he need to get on his
investment to accomplish his goal?
A) 8.65% B) 9.40% C) 14.67% D) 15.82%

48. Charles wants to make an investment that will have a real growth rate of 8%. If the
current inflation rate is 1.3%, what annual interest rate will he need to get on his
investment to accomplish his goal?
A) 8.65% B) 9.40% C) 14.67% D) 15.82%

49. Stephanie invested in her employer's stock program in 1989. The annual yield for her
investment was 8.1%, and the inflation rate was 0.86%. What was the real growth rate
of this investment?
A) 6.21% B) 6.48% C) 7.18% D) 7.24%

50. Bonnie invested in her employer's stock program in 1981. The annual yield for her
investment was 7.5%, but the inflation rate was 9.8%. What was the real growth rate of
this investment?
A) –1.82% B) –2.09% C) –2.30% D) –3.41%

51. John bought a house in 1947 and sold it in 1997 for $80,000. If the 1947 CPI is 22.3 and
the 1997 CPI is 160.5, how much would the house be worth in 1947 dollars?
A) $57,578 B) $11,115 C) $28,633 D) $49,844

52. Chris bought a house in 1957 and sold it in 1997 for $115,000. If the 1957 CPI is 28.1
and the 1997 CPI is 160.5, how much would the house be worth in 1997 dollars?
A) $39,096 B) $20,134 C) $25,499 D) $49,667

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Chapter 21: Multiple Choice

53. John sold a house in 2003 for twice the amount that he paid for it. When did he
purchase the house? (Use table 21.5)
A) 1980 B) 1981 C) 1983 D) 1986

54. Kim sold a house in 1993 for twice the amount that he paid for it. When did he
purchase the house? (Use table 21.5)
A) 1973 B) 1977 C) 1979 D) 1980

55. When John sold a house in 2003 for $115,000, he received $20,000 more than he paid
for it. When did he purchase the house? (Use table 21.5)
A) 1984 B) 1991 C) 1995 D) 1998

56. In 1999, Rachel had the opportunity to either invest $100,000 for three years in the
housing market or in a CD paying 3.5%. If the 1999 CPI is 166.6 and the 2002 CPI is
179.9, which is the better investment?
A) the housing market C) the options are equivalent
B) the CD D) not enough information given

57. In 1999, Debra had the opportunity to either invest $100,000 for three years in the
housing market or in a CD paying 2.5%. If the 1999 CPI is 166.6 and the 2002 CPI is
179.9, which is the better investment?
A) the housing market C) the options are equivalent
B) the CD D) not enough information given

58. In 1997, Howard had the opportunity to either invest $100,000 for five years in the
housing market or in a CD paying 2.5%. If the 1997 CPI is 160.5 and the 2002 CPI is
179.9, which is the better investment?
A) the housing market C) the options are equivalent
B) the CD D) not enough information given

59. In 1997, Alva had the opportunity to either invest $100,000 for five years in the housing
market or in a CD paying 2.2%. If the 1997 CPI is 160.5 and the 2002 CPI is 179.9,
which is the better investment?
A) the housing market C) the options are equivalent
B) the CD D) not enough information given

60. Zeke bought a house in 1981 for $19,000 and sold it in 1997. If the 1981 CPI is 90.9 and
the 1997 CPI is 160.5, how much would the house be worth in 1997 dollars?
A) $26,300 B) $27,860 C) $29,808 D) $33,548

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Chapter 21: Multiple Choice

Answer Key

1. C
2. B
3. B
4. B
5. A
6. B
7. D
8. A
9. B
10. C
11. B
12. D
13. C
14. B
15. D
16. B
17. C
18. B
19. A
20. A
21. A
22. C
23. D
24. A
25. B
26. C
27. D
28. B
29. B
30. A
31. B
32. A
33. B
34. B
35. A
36. D
37. A
38. C
39. B
40. A
41. D
42. A
43. D
44. C

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Chapter 21: Multiple Choice

45. B
46. C
47. A
48. B
49. C
50. B
51. B
52. B
53. B
54. C
55. C
56. B
57. A
58. B
59. A
60. D

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