Compounding Interest

How many times a year does semiannual mean?

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Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, what will the account balance be in 10 years?

• $4915.59

• $3933.28

• $2979.81

• $4005.09

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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 years?

• $827.52

• $831.10

• $839.45

• $846.80

You invest $1600 at an annual interest rate of 4.6% compounded continuously. How much will you have in the account after 4 years?

• $800.26

• $6,701.28

• $10,138.07

• $1,923.23

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

• $827.52
• $839.17
• $839.45
• $846.80

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Determine the balance in the account if you deposited $4,000 at an interest rate of 3.4% compounded quarterly for three years.

• $4422.03
• $4427.62
• $4428.90
• $4429.51

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Determine the balance in the account if you deposited $4,000 at an interest rate of 3.4% compounded monthly for three years.

• $4422.03
• $4427.62
• $4428.90
• $4429.51

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The Arnold's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually, how much total will they have paid after 30 years?

• $412,749.79
• $529.305.61
• $689,546.99
• $640,891.53

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If $1,000 is invested at 16% interest, compounded continuously, for five years, what is the ending balance?

• $1,225,54
• $2,225.54
• $22,255.40
• $225.54

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If I am compounding quarterly, I need to divide the interest rate by _____.

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