Simple Interest and Compound Interest Bell Ringer

Nick has $3,000 and puts it in an account with a simple interest rate of 3%. If he leaves the money in for 2 years, how much will he have in his account?

• $3,180

• $4,800

• $3,018

• $21,000

Tags

CCSS.7.RP.A.3

If interest is compounded monthly, what would n = ?

• n = 12

• n = 1

• n = 365

• n = 2

If interest is compounded annually, what would n = ?

• n = 12

• n = 1

• n = 365

• n = 2

Layla puts $5,000 into a savings account that has 4% interest compounded monthly. How much money will be in her account after 10 years?

• $7,454.16

• $255,754.16

• $7,401.22

• $10,000

Which formula would you use for a problem that is compounded continuously ?

• $A=P\cdot e^{r\cdot t}$

• $A=P\left(1+\frac{r}{n}\right)^{n\cdot t}$

• $y=a\cdot e^{k\cdot t}$

• $A=P\left(1+r\cdot t\right)$