Exponential Equation Compound Interest

Find the total amount in the account to the nearest cent if the interest is compounded annually.

$2750 at 8% for 2 years

• $2200

• $3207.60

• $8910

• $3222.06

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?

• $827.52

• $831.10

• $839.45

• $846.80

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

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much will she have in her account in 10 years?

• $4915.59

• $3933.28

• $2979.81

• $4005.09

If $400 is invested at 35% interest, compounded continuously, for 2 years, what is the ending balance?

• $280

• $680

• $1,034.47

• $805.50

If $1,000 is invested at 16% interest, compounded continuously, for five years, what is the ending balance?

• $1,225,54

• $2,225.54

• $22,255.40

• $225.54

The population of Eden is growing continuously at a rate of 1.9%. If the current population is 15,230, about how many years will it take for the population to reach 20,000?

• 31

• 2

• 15

• 68

Chelsea put $7500 into an account paying 5% compounded continuously. She now has $10,643.01. How long has the money been in the account?

• 7 years

• 6 years

• 5 years

• 4 years

Morales Bank offers you 3.9% interest compounded monthly. How long will it take for your money to triple if you use Morales Bank?

• 17 years and 10 months

• 28 years and 2 months

• 28 years and 3 months

• 29 years

Jay'den earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. Jay'den wants to know his balance after 15 years?

What does 15 represent?

• Principal or initial value, P

• Rate of interest, r

• Number of times interest is compounded, n

• Time, t