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Percent Operations in the Real World

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Questions and Answers

What is the purpose of using the simple interest formula?

To calculate the total amount of money in your bank account

To calculate how much money your principal investment will earn you (correct)

To determine the monthly interest rate

To estimate the amount of money needed for an investment

In the simple interest formula I = prt, what does 't' represent?

Time the money needs to sit to earn interest (correct)

Interest rate per year

The total amount of money invested

The initial principal invested

If you deposit $1000 and earn 5% interest over 2 years, what would be the interest earned using the simple interest formula?

$200

$50

$100

$150 (correct)

How is percent change different from simple interest?

Percent change is about the percentage increase or decrease in an amount Signup and view all the answers

When you see a sale advertising '50% off!', what concept related to percents are you dealing with?

Percent change Signup and view all the answers

What is the total amount you would have to pay back to Steve if you borrowed $800 for 2 years at 7% interest?

$912 Signup and view all the answers

How much would the life-size Bigfoot statue be worth if it increases by 30% from its original price of $800?

$1040 Signup and view all the answers

If you offer a 25% discount on the $1040 asking price for the Bigfoot statue, what price would you be offering the statue for?

$780 Signup and view all the answers

If you need to offer a discount to sell your statue for $912 and initially wanted $1040, what percentage discount are you offering?

12% Signup and view all the answers

In the context of the text, how would you find the final bill if a check comes for $32 and you want to leave a 20% tip?

$32 + ($32 * 0.20) Signup and view all the answers