Compound Interest
Flashcard
•
Mathematics
•
9th - 11th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What does 'Semi-Annually' mean?
Back
It means occurring twice a year.
2.
FLASHCARD QUESTION
Front
What is Compound Interest?
Back
Interest calculated on the initial principal and also on the accumulated interest from previous periods.
3.
FLASHCARD QUESTION
Front
How do you calculate the future value with compound interest?
Back
Future Value = Principal × (1 + r/n)^(nt), where r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.
4.
FLASHCARD QUESTION
Front
If you want to double your investment in 15 years, what is the rule of thumb to estimate the interest rate?
Back
Use the Rule of 72: Divide 72 by the number of years to double (72/15 = 4.8%).
5.
FLASHCARD QUESTION
Front
What is the formula for calculating the amount of interest earned on an investment?
Back
Interest Earned = Future Value - Principal.
6.
FLASHCARD QUESTION
Front
What is the difference between simple interest and compound interest?
Back
Simple interest is calculated only on the principal amount, while compound interest is calculated on the principal plus any interest earned.
7.
FLASHCARD QUESTION
Front
If you invest $1,000 at an interest rate of 5% compounded annually, what will be the amount after 3 years?
Back
Amount = $1,000 × (1 + 0.05)^3 = $1,157.63.
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