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4/26 Compound Interest

Mathematics

8th Grade

Used 3+ times

4/26 Compound Interest
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the compound interest formula A=P(1+r)t what does the A stand for?

The amount of interest

The total amount

The interest rate

The time

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jacob borrows $500 from Abraham and agrees to have the loan compounded annually for 5 years with an interest rate of 2.5%. How much will the total amount be that Jacob owes?

$565.70

$262609.38

$65.70

$630.20

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Hei-Hei has $1500 in a retirement account earning 5% interest compounded annually. After 5 years how much does Hei-Hei have in the account?

$1750

$2010.14

$2500

$1914.42

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Henry deposits $750 into a college savings account that is compounded annually when his parents received as a stimulus package. If Henry lets the money sit in the account without adding or removing any and receives a 8.5% interest rate, how much money will he have total after 5 years?

$1127.74

$1535.24

$2345.67

$850.76

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you wanted to amount of interest an account has earned after being compounded annually. What would you have to do after you found "A" using the formula A=P(1+r)t ?

Add A (total amount) plus P (original amount)

Subtract A (total amount from P (original amount)

Add P (original amount) plus A (total amount)

Subtract P (original amount) from A (total amount)

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Daniel invests $360 in a bank account that is compounded annually for 8 years with an interest rate of 5.5%. What will be the total amount in the account after the 8 years is over?

$625.88

$950.12

$315.45

$552.49

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Heather

invested $8,000 in a 4-year Certificate of Deposit (CD) that pays 4.1% interest

compounded annually. How much interest will the CD have earned at the end of the 4 years?

$9,394.92

$9,312.00

$1394.92

$1312.00

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