Compound Interest

An amount of $1,240.00 is deposited in a bank paying an annual interest rate of 2.85 %, compounded continuously. What formula would you use?

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You are saving for a down payment on a house. You need $200,000. How much should you deposit into an account earning 3.75% interest compounded weekly? Which equation below would help you calculate the answer to this question?

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What equation would you use to calculate your weekly deposit if you needed $10,000 in 3 years, compounded monthly, at 2.4% interest?

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You are investing $1500 at 5.2% compounded continuously. Which equation would help you figure out how much money will you have in 12 years?

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If you deposit $1,000 at an annual interest rate of 3% into a savings account that earns simple interest. Which formula would you use to calculate the balance after five years?

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• B=P+Prt

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An amount of $300.00 is deposited in a bank every month paying an annual interest rate of 3 %, compounded daily for 10 years. Which formula would you use to find the future value?

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An amount of $2,000.00 is deposited in a bank paying an annual interest rate of 2.85 %, compounded monthly. What formula would you use to find the future value?

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A deposit or payment that is deposited into an investment at set intervals, i.e. weekly, daily, monthly, etc.

The n in the compounding formula stands for.....

• number of years

• number of times compounded

• number of periodic payments

• number of dollars

The amount the FDIC insures every account holder in case of bank failure.

Mathematical Equivalence

ON

Tags

CCSS.8.EE.C.7B