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Quick Knowledge Check - Module 2
Name (Last, First):
*
1 To find how many years it will take to double your money, divide 72 by the _____ :
*
interest rate
principal balance
years
principal and interest
2. At a 9% annual rate of return (interest), how many years will it take to double $10,000.
*
6
7
8
9
3. At a 12% annual rate of return (interest), how many years will it take to double $100,000.
*
6
7
8
9
4. Mary has $100,000 and Joe has $15,000. Both save their money and earn 3% interest over a course of a year. How much money did each make from interest?
*
$3,000 & $450
$6,000 & $900
$300 & $900
$600 & $1,800
5. A mom is 40 years old and gets paid a salary of $35,000 a year. She also has $300,000 saved which earns 12% interest annualy. Will this mom earn more money from her salary or from interest earned this year? How much more?
*
Salary; $1,000
Interest, $2,000
Interest, $1,000
Salary; $1,000
6. To take advantage of compounding interest, when should you begin to save your money and earn interest?
*
Now
18 years old
21 years old
30 years old
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