1. What is the total savings plus interest when $25 is deposited into an account every month for 8 months at 1% compounded monthly?
   1. 25( (1+.01/12)^(8*12)
   2. 25( (1+.01/12)^(8*12) -1)/(.01/12)
   3. 25( (1+.01/8)⁸ -1)/(.01/8)
   4. 25( (1+.01/12)⁸ -1)/(.01/12)
   5. other
   Answer the clicker question and then write out a scenario for each of the choices.
   
   
   
   
2. Joan saved early for the first 10 years and then vacationed for the remaining 34 years. Which formulas must be used to calculate her total savings plus interest?
   1. lump
   2. periodic payment
   3. both of the above
   4. other
   
   
   
   
   
3. What algebraic operations did we use to derive the periodic payment/annuity formula?
   1. multiplication, distribute, factor
   2. rule for powers-add the exponents
   3. subtraction
   4. all of the above
   5. more than one, but not all of the above
   
   
   
   
   
4. For the lottery, would you take a lump sum or periodic payment option?
   1. lump
   2. periodic
   3. neither--I would refuse the winnings

1. d
2. c
3. d