Compound Interest

Flashcard
•
Mathematics
•
10th - 12th Grade
•
Hard
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16 questions
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1.
FLASHCARD QUESTION
Front
What is Compound Interest?
Back
Compound interest is the interest calculated on the initial principal and also on the accumulated interest of previous periods. It is commonly used in finance and investments.
2.
FLASHCARD QUESTION
Front
How is Compound Interest different from Simple Interest?
Back
Compound interest is calculated on the initial principal and the accumulated interest, while simple interest is calculated only on the principal amount.
3.
FLASHCARD QUESTION
Front
What is the formula for calculating Compound Interest?
Back
The formula is A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, P is the principal amount, r is the annual interest rate (decimal), n is the number of times that interest is compounded per year, and t is the number of years.
4.
FLASHCARD QUESTION
Front
If an investment of $1,000 earns 6.75% interest compounded semi-annually, how much will it be worth in 15 years?
Back
$2,706.86
5.
FLASHCARD QUESTION
Front
What does 'compounded quarterly' mean?
Back
It means that the interest is calculated and added to the principal four times a year.
6.
FLASHCARD QUESTION
Front
Convert 9.5% to a decimal.
Back
.095
7.
FLASHCARD QUESTION
Front
How many times a year is interest compounded if it is compounded monthly?
Back
12 times a year.
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