Pat deposits $600 in a savings account at a simple interest rate 6% per year for 5 years. How much money will Pat have earned in interest at the end of 5 years?
A. $360
B. $180
C. $95
D. $36
In the simple interest, we utilize the following formula to find the simple interest after a period of time in years.
I=P*r*t
I is the interest
P=Principal or initial deposit
r=rate
t=time in years
From the given problem, P=$600, r=6%=6/100=0.06, t=5 years. Then
I=$600*0.06*5=$180
After 5 years, Pat will earn an interest of $180.
Therefore, the Correct Answer is B.
More Questions on TEAS 7 Math
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Q #1: Using the numbers below, which of the following is the greatest? 4/3, 27/20, 1.369, 1.357
A. 1.369
B. 4/3
C. 27/20
D. 1.357
Answer Explanation
to do a comparison of the given data set, we convert the fraction numbers into the approximate decimals.
4/3=1.333
2720=1.35
Now, we have 1.333, 1.35, 1.369, 1.357. These numbers are arranged from the smallest to the largest number, we look at the number in the second decimal place value
1.333 the number in second decimal place value is 3
1.35 the number in third decimal place value is 5
1.369 the number in third decimal place value is 6
1.357 the number in third decimal place value is 5
However, 1.35 and 1.357 have 5 in the second-place vale. We use the ird place value to compare the two number:
1.35 is same as 1.350 and the number in the third-place value is 0
1.357 the number in the third-place value is 7
Now, 0 is less than 7, and thus 1.35 is less than 1.357
Overall, 3 is less than 5, and 5 less than 6 and the provided numbers can be arranged from the smallest to the largest as:
1.333, 1.35, 1.357, 1.369
Thus, the corresponding given numbers organized from the smallest to the largest become:
4/3, 27/20, 1.357, 1.369
The greatest value is 1.369
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Q #2: Which of the following is the mean of the set data below? 30, 29, 28, 30, 24, 12, 26, 33, 25, 23
A. 30
B. 21
C. 27
D. 26
Answer Explanation
The mean is the total divided by the number of elements in the data set. From the given data set:
Total=30+29+28+30+24+12+26+33+25+23=260
Number of items, N=10
Mean=total/N=260/10=26
The mean is 26.
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Q #3: An athlete can run 6 miles in 51 minutes. At this rate, how many miles could the athlete run in 90 minutes?
A. 15 miles
B. 11.5 miles
C. 45 miles
D. 10.6 miles
Answer Explanation
Here, the athlete runs 6 miles in 51 minutes, which can be expressed as:
Now, in 90 minutes, the athlete will cover about
Therefore, the athlete runs about 10.6 miles in 90 minutes.
