Compound Interest
Flashcard
•
Mathematics
•
8th - 10th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is Compound Interest?
Back
Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating the total amount (A) in compound interest?
Back
A = P(1 + r)^t, where P is the principal amount, r is the annual interest rate (in decimal), and t is the number of years.
3.
FLASHCARD QUESTION
Front
If you invest $1000 at an interest rate of 5% compounded annually for 3 years, how much will you have?
Back
$1157.63
4.
FLASHCARD QUESTION
Front
What does 'compounded annually' mean?
Back
It means that the interest is calculated and added to the principal once every year.
5.
FLASHCARD QUESTION
Front
What is the principal amount (P) in compound interest?
Back
The principal amount (P) is the initial sum of money invested or loaned before interest.
6.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal for calculations?
Back
To convert a percentage to a decimal, divide the percentage by 100. For example, 5% becomes 0.05.
7.
FLASHCARD QUESTION
Front
What is the effect of increasing the interest rate on compound interest?
Back
Increasing the interest rate results in a higher total amount due to more interest being earned on the principal.
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