Math 115

Quiz 10                                                            Name:                          Key                                                     

 

You must SHOW ALL WORK to receive credit

Round all answers (if necessary) to the nearest cent

           

1.      A jacket, which normally sells for $119, is put on sale for 30% off.  What is the sale price?

 

 

 

 

 

A bank advertises that they are offering an 5 year certificate of deposit (CD) which pays 3% APR.  If you open a CD with an initial deposit of $2000, what will the final balance be if…

2.      the interest is compounded annually?

 

 

 

 

3.      the interest is compounded monthly?

 

 

 

 

4.      the interest is compounded continuously?