The compound interest formula is:
B = p(1 + r)t
What does the B represent?
Compound Interest Percent Increase
Quiz
•
Mathematics
•
9th - 11th Grade
•
Hard
Barbara White
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The compound interest formula is:
B = p(1 + r)t
What does the B represent?
The amount of interest earned.
The amount of time that has passed.
The total amount of money after a certain amount of time.
The amount required to invest.
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
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 years?
Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
$827.52
$831.10
$839.45
$846.80
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Erik has $40 in a savings account that earns 5% interest, compounded annually.
To the nearest cent, how much will he have in 2 years?
Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
$44
$44.10
$34.10
$24.10
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Elizabeth has $20 in a savings account. The interest rate is 5%, compounded annually.
Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
$2.00
$2.05
$2.10
$2.50
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Mike deposited $70 in a savings account earning 10% interest, compounded annually.
To the nearest cent, how much will he have in 3 years?
Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
$93.00
$93.17
$103.17
$113.17
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Nolan has $5 in a savings account. The interest rate is 10%, compounded annually.
To the nearest cent, how much interest will he earn in 3 years?
Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
$1,67
$1.66
$1.68
$1.70
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Britney deposited $30 in a savings account earning 5% interest, compounded annually.
To the nearest cent, how much will she have in 2 years?
Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
$33.00
$33.08
$34.08
$30.00
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