Calculating Compound & Continuous Interest

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                  

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CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

CCSS.HSN.Q.A.1

CCSS.HSN.Q.A.2

Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?

• $6,273.50

• $6,314.08

• $6,385.72        

• $6,427.94          

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CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

CCSS.HSA.CED.A.1

Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded monthly, how much total will he have paid after 5 years?

• $33,299.42      

• $33,672.68  

• $34,157.04        

• $34,710.88    

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CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

CCSS.HSA.CED.A.1

Olivia 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      

• $16,349.72            

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CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.BF.A.1

CCSS.HSN.Q.A.1

CCSS.HSN.Q.A.2

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

• $412,749.79    

• $429,305.61          

• $471,259.24

• $494,546.99

Tags

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

CCSS.HSA.CED.A.1

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

• $915.59              

• $933.28            

• $979.81              

• $1,005.09            

Tags

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.BF.A.1

CCSS.HSN.Q.A.1

CCSS.HSN.Q.A.2

CCSS.HSF.LE.A.3

Town Bank offers a 2.25% interest rate, while Charter One offers 2.8%. Both banks compound interest annually. If Rob wants to set up a new account with $5,000,how much more money will he earn at Charter One over Town Bank after 25 years?

• $1,183.41              

• $1,209.79            

• $1,251.63        

• $1,324.10              

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CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSA.SSE.A.2

CCSS.HSA.SSE.B.3

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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CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

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

• $1,923.23

• $10,138.07

• $6,701.28

• $800.26

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CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.BF.A.1

Hugo opened a savings account and deposited $800 as principal. The account earns 4% interest, compounded continuously. What is the balance after 5 years?

• $832.00

• $977.12

• $973.32

• $960.00

Tags

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.BF.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.3