Compound Interest Math 1

Interest is:

• a charge for lending money
• the amount owed for borrowing money
• the amount added into your savings account when opening a bank account
• a charge for convenience of accessing money in your bank

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?

• $827.52
• $831.10
• $839.45
• $846.80

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?

• $4915.59
• $3933.28
• $2979.81
• $4005.09

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

• $1,584.62
• $2,651.39
• $2,706.86
• $1,825.10

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CCSS.HSF-LE.A.1C

Change 6.75% to a decimal.

• 67.5
• .675
• 675
• .0675

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CCSS.5.NBT.A.3

Semi-Annually means how many times a year?

• 4 
• 2
• 1
• 6

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CCSS.6.RP.A.3B

Given an investment of$ 1,500:
What would be the balance after 5 years if you chose option 1? 
Option 1 - 4% compounded monthly
Option 2 - 3.9% compounded daily. 

• $1822.95
• $1831.49
• $1824.67
• $18.26.75

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CCSS.HSF-LE.A.1C

Monthly means how many times a year?

• 4 
• 12
• 52
• 365

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CCSS.3.MD.A.1

What is 7.25% converted to a decimal?

• .725
• 0.725
• 0.0725
• 7.25

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CCSS.HSA.SSE.B.3

Bruno 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

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CCSS.HSF.BF.A.2