Tolerance: Be careful with rounding and do not round until you arrive at the final answer. Answer tolerance is 1 at the last digit based on the decimal place accuracy required by that question. For example, if a question asks you to round to the nearest cent (two decimal places) and the correct is $1,235.06, answers within 0.01 ($1,235.05 to $1,235.07) will count as correct. As another example, if a question asks you to round a percent answer to one decimal place and the correct answer is 4.6%, answers within 0.1% (4.5% to 4.7%) will count as correct.

3 and 4

You have $27,000 in an account which pays 2.8% compounded annually. How many additional dollars of interest would you have earned over 5 years if you had instead invested in an account earning 4.2% compounded quarterly? Round to the nearest dollar.

Suppose you are planning to deposit $3,000 in a bank account. You'd like your deposit to grow to $8,000 in 3 years. If interest in the account compounds weekly, what annual interest rate do you need? Answer in percentage and round to one decimal place (e.g., 5.43% --> 5.4).