BM 4.3 Compound Interest Practice

Find the balance in the account after the given period.

$5000 deposit earning 1.5% compounded quarterly after 3 years

• $5,229.70

• $7,604.38

• $7,777.27

• $5,538.86

Find the balance in the account after the given period.

$13,500 deposit earning 3.3% compounded monthly after 1 year

• $13,611.38

• $14,898.84

• $13,537.13

• $13, 952.30

Your 6 year investment of $40,000 at 14% compounded quarterly is worth how much now?

• $928,488.27

• $49,170.21

• $91,333.14

• $51,333.14

Avery deposits $8000 in a one year CD at 3.2% interest, compounded daily. What is Avery's ending balance?

• $8,528.72

• $8,000.70

• $8,256.00

• $8,260.13

Jamere deposits $2350 in an account that earns interest at a rate of 3.1%, compounded monthly. What is his ending balance after five years?

• $2743.98

• $2,743.45

• $2,362.01

• $10,856.16

A college receives a donation of $955,000 that earns 5.33% interest compounded daily. How much interest would the college earn in one year?

• $52,278.53

• $50,901.50

• $1,005,901.50

• $1,007,278.53

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 year?

• $827.52
• $831.10
• $839.45
• $846.80

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

Abhasra invests $8,911 in a retirement account with a fixed annual interest rate of 7.71% compounded continuously. What will the account balance be after 20 years?

• Pick Me!!!

• NOT this one!

• NOT this one!

• NOT this one!

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
• $16,109.05