Compound Interest Calculation

Compound Interest Calculation

9th - 11th Grade

10 Qs

quiz-placeholder

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Compound Interest Calculation

Compound Interest Calculation

Assessment

Quiz

Mathematics

9th - 11th Grade

Practice Problem

Hard

Created by

Barbara White

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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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