Compound Interest

Change 6.75% to a decimal.

• 67.5
• .675
• 675
• .0675

Tags

CCSS.5.NBT.A.3

Ethan was given $2000 when he turned 3 years old. His parents invested it at a 2% interest rate compounded annually. No deposits or withdrawls were made. Which expression can be used to determine how much money Bruno had in the account when he turned 16?

• 2000(1+0.02)¹³

• 2000(1-0.02)¹³

• 2000(1+0.02)¹⁶

• 2000(1-0.02)¹⁶

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

Find the total amount in the account to the nearest cent if the interest is compounded annually. 
$2750 at 8% for 2 years

• $2200.00
• $3207.60
• $8910.00
• $2750

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

What is the correct definition of interest?

• money paid to you by a bank for the money you have in a bank account
• put into a bank account
• to borrow something
  

The compound interest formula is:
A = P(1 + r)^t

What does the A represent?

• The amount of interest earned.
• The amount of time that has passed.
• The total amount of money after a certain amount of time.
• The amount required to invest.

Tags

CCSS.HSA.SSE.A.1

Find the following balance:

$600 invested at 6% compounded annually for 7 years.

• $2273.04

• $1080.57

• $1057.95

• $902.18

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

Monthly means how many times a year?

• 4 
• 12
• 52
• 365

Semi-Annually means how many times a year?

• 4 
• 2
• 1
• 6

Tags

CCSS.6.RP.A.3B

Deana invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total money will Deana earn in 15 years?

• $1,584.62

• $2,651.39

• $2,706.86

• $1,825.10

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

Zach's parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semi-annually, what will be the balance after 18 years?

• $6,273.50

• $6,314.08

• $6,385.72

• $6,427.94

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2