Compound Interest

Caiden deposited $475 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

Emily would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.

• $15,415.94
• $15,683.28
• $15,927.56
• $16,109.05

What does the n stand for in this formula?

• Initial amount

• Final amount

• Rate

• Time

• The number of times compounded per year

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?

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Stephanie signed up for a direct deposit transfer into her savings account from her checking account. Every month $150 is withdrawn from her checking account. The interest in this account is at 2.6% compounded monthly. How much will be in the account at the end of 6.5 years?

• $12,731.79

• 0

Bill deposited $3,500 into an account that pays 1.85% interest compounded weekly. How much will he have in his account at the end of 3 years?

• $3,311.07

• $3,699.71

• $3,468.09

• $3,791.11