Annual Compound Interest Assignment

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 year?

• $827.52

• $831.10

• $839.45

• $846.80

Your 6 year investment of $40,000 at 14% interest compounded annually is worth how much now?

• $47,798.90

• $87,798.90

• $127,798

• $7,798

You borrowed $1,690 for 5 1/2 years at an interest of 5.7% compounded annually.  How much extra did you pay by taking out the loan?

• $602.45

• $2,292.45

• $1,87.55

• $3,982.45

Jimmy invested $200 in a retirement account that had a rate of 20% that compounds annually.  If Jimmy leaves his money puts the money in when he is 24 and takes it out when he is 64, how much money will be in his account rounded to the nearest dollar?

• $29395

• $293954.31

• $293954

Find the following Balance:
$600 invested at 6% compounded annually for 7 years.

• $2273.04

• $1080.57

• $1057.95

• $902.18

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 Arnold's took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?

• $412,749.79

• $529.305.61

• $689,546.99

• $640,891.53

Ashleigh put some money into an account paying 4.5% compounded continuously for 10 years. She now has $3567.91 in the account. How much money did she start the account with?

• $2275

• $2725

• $2572

• $3275

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

Abhasra invests $8,911 in a retirement account with a fixed annual interest rate of 7.71% compounded continuously. What will the account balance be after 20 years?

• $41,649.38

• $51,649.38

• $61,649.38

• $71,649.38