Compound Interest

Principal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.

• $12712.31
• $12,749.30
• $12,657.59
• $12550.84

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.B.4

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

Tags

CCSS.3.MD.A.1

Chelsea put $7500 into an account paying 5% compounded continuously. She now has $10,643.01. How long has the money been in the account?

• 7 years

• 6 years

• 5 years

• 4 years

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.BF.B.5

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.4

What does the n stand for in this formula?

• Initial amount

• Final amount

• Rate

• Time

• The number of times compounded per year

Tags

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.B.5

What does the r stand for in this formula?

• Initial amount

• Final amount

• Rate

• Time

• The number of times compounded per year

Tags

CCSS.HSA.CED.A.4

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.B.5

What does the P stand for in this formula?

• Initial amount

• Final amount

• Rate

• Time

• The number of times compounded per year

Tags

CCSS.HSA.CED.A.4

CCSS.HSA.SSE.A.1

Morales Bank offers you 3.9% interest compounded monthly. How long will it take for your money to triple if you use Morales Bank?

• 17 years and 10 months

• 28 years and 2 months

• 28 years and 3 months

• 29 years

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.BF.B.5

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.A.4

Karla invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually.

Which exponential equation can be used to find how much money Karla will earn in 15 years?

• 
• 
• 
• 

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

Jay'den earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. Jay'den wants to know his balance after 15 years?

What does $475 represent?

• Principal or initial value, P

• Rate of interest, r

• Number of times interest is compounded, n

• Time, t

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

Jay'den earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. Jay'den wants to know his balance after 15 years?

What does 15 represent?

• Principal or initial value, P

• Rate of interest, r

• Number of times interest is compounded, n

• Time, t

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1