Compound Interest

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• Poeltl

What is the compound interest formula?

What does "A" stand for in the compound interest formula?

• Final Amount

• Initial Amount

• Apricots

• Principal

What does "P" stand for in the compound interest formula?

• Principal

• Final Amount

• Pears

• Time

What does "r" stand for in the compound interest formula?

• Rate

• Final Amount

• Radishes

• Time

What does "n" stand for in the compound interest formula?

• Number of times interest is compounded

• Final Amount

• Nickels

• Time

What does "t" stand for in the compound interest formula?

• Time

• Final Amount

• Tomatoes

• Principal

Finding A: Suppose that you deposit $1000 in a savings account, which has an interest rate of 2% compounded annually.  How much money would you have after 3 years?

• $1061.21

• $1060.90

• $1061.63

• $1060.00

Finding A: Suppose that you deposit $2000 in a savings account, which has an interest rate of 3% compounded semiannually.  How much money would you have after 4 years?

• $2252.99

• $2123.20

• $2251.02

• $2060

Finding A: Suppose that you deposit $3000 in a savings account, which has an interest rate of 4% compounded quarterly.  How much money would you have after 5 years?

• $3660.57

• $3518.29

• $3649.96

• $3120