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Compound Interest

Authored by Brian Wilson

8th - 11th Grade

Compound Interest
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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

$5000 was deposited in an account that pays 4% interest compounded monthly. What was the balance after 10 years if no money was withdrawn.

$2000

$7000

$7454.16

$5169.19

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jill's parents created a college fund with $6000 when she was 5 years old. If it earned 4% interest compounded weekly, how much money is in the account when Jill turned 18 years old.

$81,120

$10,090.15

$12,323.19

$7327.85

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much should Larry invest in an account that pays 6% interest compounded semiannually if he aims to have $20000 5 years from now?

$1450.76

$6000

$14,881.88

$26,878.33

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You plan to invest $5000 for college in 3 years, which account would be the best option?

5% compounding annually

5% compounding quarterly

5% compounding monthly

5% compounding daily

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

$17,000 was invested in an account that pays 1.5% interest compounding quarterly. After 8 years how much interest was earned?

$2,163.15

$19,163.15

$38,216.43

$55,216.43

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You deposit $2000 in an account that earns 3.2% interest compounding annually. After how many years will you have at least $3000 in the account?

1 year

3 years

13 years

2 years

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You win a $50,000 prize for your education. If you invest half of it in an account that earns 3% interest compounding daily, how much money will be in that account after 2 years?

$53,045

$26,522.50

$53,091.70

$26,545.85

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