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A bike was $79. It is now on sale for $63. What is the percent of change?
A.
25% decrease
B.
25% increase
C.
20% decrease
D.
20% decrease
Correct Answer C. 20% decrease
Explanation The percent of change can be calculated by finding the difference between the original price and the sale price, dividing that by the original price, and then multiplying by 100. In this case, the difference is $79 - $63 = $16. Dividing $16 by $79 gives approximately 0.2025. Multiplying this by 100 gives approximately 20.25%. Since the percent of change is negative, it represents a decrease. Therefore, the correct answer is 20% decrease.
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2.
Find the percent of increase:
52 to 65
A.
20% increase
B.
20% decrease
C.
25% increase
D.
22 % decrease
Correct Answer C. 25% increase
Explanation The percent of increase from 52 to 65 is 25%. This can be calculated by finding the difference between the two numbers (65 - 52 = 13), and then dividing that difference by the original number (13 / 52 = 0.25 or 25%). Therefore, there is a 25% increase from 52 to 65.
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3.
135 pounds to 120 pounds has a percent of change of 12.5%.
A.
True
B.
False
Correct Answer B. False
Explanation The given statement is false. To calculate the percent of change, we use the formula: (new value - old value) / old value * 100. In this case, the change is (120 - 135) / 135 * 100 = -11.11%. Therefore, the percent of change from 135 pounds to 120 pounds is -11.11%, not 12.5%.
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4.
If it was 25 degrees on Saturday and 15 degrees the next day, the percent of change is 40%.
A.
True
B.
False
Correct Answer A. True
Explanation The percent of change is calculated by finding the difference between the initial and final values, dividing it by the initial value, and then multiplying by 100. In this case, the initial value is 25 degrees and the final value is 15 degrees. The difference between them is 10 degrees. Dividing 10 by 25 gives us 0.4, which when multiplied by 100 gives us 40%. Therefore, the percent of change is indeed 40%, making the answer true.
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5.
What is the percent of decrease if a price today is $26 but was $20 in 1980?
Be sure to put the % symbol after your answer.
Correct Answer 30% 30
Explanation The percent of decrease can be calculated by finding the difference between the two prices, which is $26 - $20 = $6. Then, divide this difference by the original price ($20) and multiply by 100 to get the percentage. Therefore, (6/20) * 100 = 30%.
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6.
What is the formula for finding simple interest?
A.
P= IRT
B.
I=PRT
C.
T=RTI
D.
D/O
Correct Answer B. I=PRT
Explanation The formula for finding simple interest is I=PRT. This formula represents the relationship between the principal amount (P), the interest rate (R), and the time period (T) to calculate the interest earned or paid on a loan or investment. The interest (I) is equal to the principal amount multiplied by the interest rate and the time period.
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7.
What does the "T" mean in the formula for simple interest?
A.
Time in months
B.
Percent
C.
Rate
D.
Time in years
Correct Answer D. Time in years
Explanation The "T" in the formula for simple interest represents time in years. This means that when calculating simple interest, the time period for which the interest is being calculated is measured in years.
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8.
Find the simple interest:
You deposit $250 in a savings account. The band pays 3%. You keep it in for 3 years. How much will the interest be in 3 years?
BE SURE TO PUT A $ BEFORE YOUR ANSWER AND MAKE IT MONEY...TWO PLACES AFTER THE DECIMAL.
Correct Answer 22.50 $22.50
Explanation The correct answer is $22.50. This is the interest earned on a deposit of $250 in a savings account with a 3% interest rate over a period of 3 years.
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9.
If you deposit $1,000 at 4.5% for 5 years, how much will you have (total) in your account after 5 years?
A.
$225
B.
$1,225
C.
$1,000
D.
$22,500
Correct Answer B. $1,225
Explanation If you deposit $1,000 at 4.5% for 5 years, the amount in your account after 5 years can be calculated using the formula for compound interest. The formula is A = P(1 + r/n)^(nt), where A is the final amount, P is the principal amount (initial deposit), r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years. Plugging in the given values, we get A = 1000(1 + 0.045/1)^(1*5) = $1,225.
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