Parcc Algebra Ii Practice Test With Answers '- 2014 Page 14
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23PARCC Algebra II Practice Test – Released April, 2014
Calculator Part (continued)
19.
An investor deposits
dollars into an account at the beginning of each year for
years. The account earns an annual interest rate of , expressed as a decimal. The
amount of money , in dollars, in the account can be determined by the formula
[(
)
]
Part A
Suppose the investor deposits $500 a year for 10 years into an account that earns an
annual interest rate of 5%. If no additional deposits or withdrawals are made, what
will be the balance in the account at the end of 10 years?
A. $6,003.05
B. $6,015.06
C. $6,288.95
D. $6,301.52
Part B
Enter a number in the answer box to complete the sentence. Give your answer to the
nearest cent.
Suppose the investor wanted the balance in the account to be at least $12,000 at the
end of 10 years. At an annual interest rate of 5%, the amount of the yearly deposit
should be at least $
.
Page 14 of 23
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