
Interest Flashcard Review
Flashcard
•
Mathematics
•
11th - 12th Grade
•
Practice Problem
•
Hard
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the Rule of 72?
Back
The Rule of 72 is a formula used to estimate the number of years required to double the investment at a fixed annual rate of return. It states that you can divide 72 by the annual interest rate to get the approximate number of years to double your money.
2.
FLASHCARD QUESTION
Front
How do you calculate compound interest?
Back
Compound interest can be calculated using the formula: A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount (the initial amount of money), 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 the money is invested or borrowed.
3.
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 and also on the accumulated interest from previous periods.
4.
FLASHCARD QUESTION
Front
If you invest $1,000 at an interest rate of 5% compounded annually, how much will you have after 3 years?
Back
After 3 years, you will have $1,157.63.
5.
FLASHCARD QUESTION
Front
What is the formula for calculating the future value of an investment?
Back
The future value (FV) of an investment can be calculated using the formula: FV = P(1 + r)^t, where P is the principal, r is the interest rate, and t is the time in years.
6.
FLASHCARD QUESTION
Front
What does it mean for interest to be compounded semiannually?
Back
Compounding semiannually means that the interest is calculated and added to the principal twice a year.
7.
FLASHCARD QUESTION
Front
How long will it take for an investment to double at an interest rate of 6% compounded annually?
Back
It will take approximately 12 years for the investment to double at an interest rate of 6% compounded annually.
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