Compound Interest Formula (Part 2)
Flashcard
•
Mathematics
•
11th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What does the 'n' stand for in the compound interest formula?
Back
The number of times compounded per year.
2.
FLASHCARD QUESTION
Front
What is the formula for compound interest?
Back
A = P(1 + r/n)^(nt), where A is the amount, P is the principal, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.
3.
FLASHCARD QUESTION
Front
If you invest $40,000 at 14% interest compounded annually for 6 years, how much will it be worth?
Back
$87,798.90
4.
FLASHCARD QUESTION
Front
What is the total amount paid after 8 years on a $7,400 credit purchase at 9.5% interest compounded quarterly?
Back
$15,683.28
5.
FLASHCARD QUESTION
Front
How much will Riley earn in 15 years if he invests $1,000 at 6.75% interest compounded semi-annually?
Back
$2,706.86
6.
FLASHCARD QUESTION
Front
How many times a year is interest compounded if it is compounded quarterly?
Back
4
7.
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.
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