Question Bank for Grade 12 Mathematics

Hannah and Alex are 30 years old and want to retire at 65. They deposit $4,000 each year into an account that pays 3.4% interest, compounded annually. What is the account balance when Hannah and Alex retire?

• $481,876.97

• $360,729.25

• $261,493

• $405,671.89

Spongebob and Squidward want to retire when they are 65, but they are currently 20 years old. They deposit $3,000 each year in a savings account that earns 2.9% interest, compounded semiannually What will the balance be when they retire?

• $359,860.39

• $173,776.98

• $180,980.18

• $184,908.23

Jessica and Michael open an online savings account that has 3.6% annual interest rate, compounded monthly. If they deposit $1,200 every month, how much will be in the account after 10 years?

• 179,879.20

• $180,950.70

• $173,022.87

• $172,035.65

If you deposit $1,000 at 4.3% interest, compounded continuously, what would your ending balance be to the nearest cent after 5 years?

• $1,239.86

• $1,239.80

• $1,485

• $1,021.34

If you deposit $1,500 at 4.9% interest, compounded continuously, what would your ending balance be to the nearest cent after 5 years?

• $987.29

• 1,152.97

• 1,378.98

• 1,916.43

If you deposit $9,000 at 4.75% interest, compounded continuously, what would your ending balance be to the nearest cent after 3 years?

• 103,78.76

• 10,378.38

• 11,789.65

• 14,908.22

Find the interest earned on $50,000 deposited for 6 years at 4 1/8% interest, compounded continuously

• $64,040.97

• $12,769.07

• $19,990.12

• $14,020.72

Jenna opens a savings account deposited $600.00 as principal. The account earns 8% interest, compounded continuously. What is the balance after 1 year?

• $605.24

• $649.97

• $1,022.68

• $982.98

Alexa puts $600.00 into an account to use for school expenses. The account earns 4% interest, compounded continuously. How much will be in the account after 4 years?

• 704.09

• 714.52

• 911.15

• 704.11

Brooke opened a savings account and deposited $600.00. The account earns 5% interest, compounded continuously. If she wants to use the money to buy a new bicycle in 1 year, how much will she be able to spend on the bike?

• 698.33

• 622.36

• 630.76

• 662.23