Exponential Finance

Exponential Finance

Assessment

Flashcard

Other

9th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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8 questions

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1.

FLASHCARD QUESTION

Front

Aiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

Back

$831.10

2.

FLASHCARD QUESTION

Front

John deposits $2,000 yearly into a retirement account (annuity) that pays 7% compounded annually. How much money will be in the account after 25 years?

Back

$126,498.08

3.

FLASHCARD QUESTION

Front

Jenkins deposited $5,000 into an annuity after each quarter for 3 years at 6% interest compounded quarterly. How much money will Jenkins have after the 3 years?

Back

$65,206.05

4.

FLASHCARD QUESTION

Front

Cynthia invested $2,000 at 4% annually for 10 years. Every year she deposited $2,000 into the account. What is her future value after 10 years?

Back

$24,012.22

5.

FLASHCARD QUESTION

Front

Approximately what interest rate would be needed to grow an investment of $1,400 to $2,500 in 10 years with monthly compounding?

Back

5.81%

6.

FLASHCARD QUESTION

Front

You want to save $5,000 for future family vacation. If the bank pays 4.3% compounded monthly for 3 years, how much will you need to invest to reach your vacation goal?

Back

$4,395.89

7.

FLASHCARD QUESTION

Front

Mansa Musa deposited $1000 in a bank account in the year 1280 with an interest rate of 1.0% compounded continuously. How much money would he have had in the year 2020?

Back

$1,635,984.43

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