Eight years after opening her savings account, Macy had $7,880 in the account which earns annual simple interest. If Macy started with $5,000 in her account and did not make any additional deposits or withdrawals, what was the approximate annual interest rate on the savings account?
7.2%
4.5%
8%
19.7%

the approximate annual interest rate on the savings account is 7.2%.

Simple interest is the amount of interest charged on a specific principal amount at a specific interest rate. Compound interest, on the other hand, is the interest that is computed using both the principal and the interest that has accumulated over the preceding period.

Given, Eight years after opening her savings account, Macy had $7,880 in the account which earns annual simple interest.

from the general formula of Simple interest:

Simple interest(SI) = p*r*t/100

where, p = principal amount

r = rate of interest

t = time

in our case

p = 5000,

SI = 7880 - 5000 = 2880

t = 8

Thus,

2880 = 5000 * r *8/100

r = 2880/50*8

r = 7.2%

Thus rate of interest = 7.2%

therefore, the approximate annual interest rate on the savings account is 7.2%.

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Saved
(06.01 LC)
The value of 33 + 42 = ___. (5 points)

Question 1 options:
17
Question 2 (5 points)
Saved
(06.01 MC)

What is the value of the expression shown below?

7 + (2 + 6) 2 ÷ 4 ⋅ (5 points)

Question 2 options:

1)

23


2)

18


3)

9


4)

8

Question 3 (5 points)
Saved
(06.02 LC)
Which expression represents the product of 8 and y? (5 points)

Question 3 options:

1)

8 + y

2)

8y

3)

8 − y

4)


Question 4 (5 points)
Saved
(06.02 LC)
What best describes the expression ? (5 points)

Question 4 options:

1)

3 more than some number

2)

Some number times 3

3)

Some number divided by 3

4)

3 less than some number
Question 5 (5 points)
(06.03 LC)
What is the constant term in the expression 8xy + 9x2 y − 5x − 2? (5 points)

Question 5 options:

1)

−5

2)

−2

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(06.03 MC)
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1)

The sum of constant factors 5 and x + 2

2)

The product of constant factors 5 and x + 2

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The sum of a constant factor 5 and a 2-term factor x + 2

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2 was not multiplied by 5

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1)

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F
G
H
J
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