Compound Interest and Exponential Functions

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

Quarterly means how many times a year?

• 4

• 2

• 1

• 6

Semi-Annually means how many times a year?

• 4

• 2

• 1

• 6

Monthly means how many times a year?

• 4

• 12

• 52

• 365

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    

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

An investment of $9,875 earns 4.8% interest compounded monthly over 12 years. Approximately how much INTEREST is earned on the investment?

• $7,457.95

• $10,359.57

• $17,546.55

• $484.57

Will deposits $1650 for three years at 3% interest, compounded daily. What is his ending balance?

• $1,700.25

• $4,056.85

• $2,103.87

• $1,805.38

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