6-2 Part 1: Interest Compounded Continuously
Flashcard
•
Mathematics
•
9th - 12th Grade
•
Practice Problem
•
Hard
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the formula for calculating the future value of an investment compounded continuously?
Back
A = Pe^(rt), where A is the amount of money accumulated after n years, P is the principal amount (the initial investment), r is the annual interest rate (decimal), and t is the time in years.
2.
FLASHCARD QUESTION
Front
Convert 9% into a decimal number.
Back
0.09
3.
FLASHCARD QUESTION
Front
What does it mean for interest to be compounded continuously?
Back
It means that the interest is calculated and added to the principal at every possible moment, leading to exponential growth.
4.
FLASHCARD QUESTION
Front
If Jessica invests $3,948 at 9% interest compounded continuously for 11 years, what will her account balance be?
Back
$10,624.99
5.
FLASHCARD QUESTION
Front
What is the principal amount in the equation A = Pe^(rt)?
Back
The principal amount (P) is the initial sum of money invested or loaned.
6.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal?
Back
Divide the percentage by 100.
7.
FLASHCARD QUESTION
Front
If Kimi invests $4,000 at 3% interest compounded continuously for 4 years, how much will she have?
Back
$4,509.99
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