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: A pudding recipe for 50 people calls for 4 cups of sugar. Each bag of sugar contains 6 cups. How many bags of sugar will be needed to make this recipe for 300 people?
A. 8 bags
B. 13 bags
C. 4 bags
D. 24 bags
Answer Explanation
We need to perform a series of numerical dimensional analysis to find the number of bags sugar needed for 300 people.
We are told that 50 people need 4 cups of sugar. This can be interpretated as:
Or
Also, one bag of sugar contains 6 cups. This can also be presented as:
Or
We use the second option relating number of people and cups, and second option relating cups of sugar and bag of sugar to find for number of bags of sugar needed for 300 people.
Therefore, 300 people will need 4 bags of sugar.
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Q #2: A recipe calls for 2.5 teaspoons of vanilla, 1 teaspoon equals approximately 4.93 mL. Which of the following is the correct amount of vanilla in mL?
A. 12.325 mL
B. 5.32 mL
C. 7.43 mL
D. 0.507 mL
Answer Explanation
We are given that 1 teaspoon=4.93 mL, we can interpret it as:
Or
Since we are to find the amount in mL, we look for an option that will cancel teaspoon and remain with mL. The second option is the required conversion, and we proceed as follows:
Therefore, 2.5 teaspoons hold about 12.325 mL.
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Q #3: For a school's annual budget, the total amount of money spent on supplies (s) and textbooks (t) cannot exceed $12,000. Which of the following inequalities represents this scenario?
A. s + t >= $12,000
B. s + t > $12,000
C. s + t < $12,000
D. s + t <= $12,000
Answer Explanation
We can interpret ‘cannot exceed” as less than ‘<’. Therefore, in our inequality, the symbol < must be included. Now let’s convert the word problem into a mathematical inequality.
Money spent on supplies=s
Money spent on textbooks=t
Total money spent=money spent on supplies + money spent on textbooks
Total money spent = s+t
But the money spent cannot exceed $12,000. Then,
s+t < $12,000.
However the money spent can still be equal to $12000, as it has not exceeded it.Therefore, the required inequality is s + t <= $12,000.
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Q #4: If the trend below continues, which of the following is the best estimate of the average price of a home in 2016?
A. $155,000
B. $120,000
C. $125,000
D. $140,000
Answer Explanation
Looking at the given trend, it is observed that the price increases with years. From 2008 to 2012, the price is fairly constant but we expect it to be more than $130,000 in the year 2016. The expected price in 2016 is $140,000.
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Q #5: Which of the following is the appropriate estimate of 1 teaspoon?
A. 0.5 L
B. 50 mL
C. 5 L
D. 5 mL
Answer Explanation
A teaspoon can approximately hold 5 mL.
Although the capacity of a teaspoon could be more or less, choice D remains the most correct answer as the other choices have amounts too much for a small teaspoon.
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Q #6: Which of the following values is the greatest?
A. 9/2
B. 10/3
C. 4.4
D. 4.25
Answer Explanation
We are given a mix of fractions and decimals and to compare the numbers, we convert the given decimals to fractions.
4.4 becomes 44/10
4.25 becomes 425/100
Now the set of fractions for comparison are: 9/2, 10/3, 44/10, and 425/100. The least common denominator for 2, 3 and 10 is 300. Then,
9/2*300=1350
10/3*300=1000
44/10*300=1320
425/10*300=1275
From the above products, 9/2 gives the greatest value when the fractions are compared with the least common denominator of the given denominators.
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Q #7: The table below shows the miles driven as a function of gallons of gas used, what does the ordered pair (6,144) represent?
A. The driver can go 24 miles in 1 hour
B. The driver can go 144 miles with 6 gallons of gas
C. The driver can go 6 miles with 144 gallons of gas
D. The driver can go 144 miles in 6 hours
Answer Explanation
from the provided table, the first option represents the amount of gas in gallons while the second column shows the distance in miles. Thus, (6, 144) will denote that the car can 144 miles by consuming 6 gallons of a gas.
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Q #8: A patient's temperature was recorded in degrees Fahrenheit every hour for 8 hr. The temperatures in Fahrenheit were 99.0°, 99.2°, 98.7°, 99.3°, 99.7°, 98.6°, 100.0° and 99.0°. Which of the following is the median temperature?
A. 99.5°F
B. 99.1°F
C. 99.2°F
D. 99°F
Answer Explanation
The median temperature can be found by organizing the temperature values from the smallest to the largest value as follows:
98.6, 98.7, 99.0, 99.0, 99.2, 99.3, 99.7, 100.0
(for an even set of numbers, Median = frac{(frac{n}{2})th observation + (frac{n}{2} + 1) th observation}{2})
From the data set above, there are 8 temperature values. The median is the temperature value in the middle position, which falls between the (frac{n}{2} th) and ((frac{n}{2} + 1) th) position. Here N=8 and median is found as:
(frac{(frac{n}{2})th + (frac{n}{2} + 1) th}{2} = )(frac{(frac{8}{2})th + (frac{8}{2} + 1) th }{2} = 4.5th position)
The element in the 4.5th position is the average of the 4th and 5th element.
(frac{99.0 + 99.2}{2} = 99.1)
Thus 99.1 is the median temperature.
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Q #9: An employee discovers that 0.0025 of all products produced at a factory contain defects. Which of the following percentage does this represent?
A. 0.25%
B. 25%
C. 2.5%
D. 0.025%
Answer Explanation
all products represent 100%. Then, the portion of defect products is:
0.0025 of 100%
‘of’ means multiply
0.0025 *100%=0.25%
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Q #10: A family is planning a driving vacation and is estimating the price of gasoline. While on the vacation, the family plans to drive 3,000 miles. The car gets about 25 miles per gallon, and the cost of gasoline is $1.66 per gallon. Which of the following is the estimate for cost of gasoline for the vacation?
A. $120.00
B. $41.50
C. $72.29
D. $199.20
Answer Explanation
We solve the problem by first finding the amount of gallons needed for the whole trip then find the cost of the gallon.
The car uses 1 gallon to cover 25 miles, which is same as:
Now, in 3000 miles, the car will use how many gallons of gasoline?
A trip of 3000 miles will need 120 gallons. And to find the cost of 120 gallons, we proceed as follows:
The family will spend $199.20 to drive for 3000 miles.
