Compound Interest Solving for Rate

If the interest rate is 6.7%, what should you plug in for r?

• 6.7

• 0.67

• .067

• 670

what TYPE of functions are the compound interest functions?

• linear

• quadratic

• log

• exponential

what does the r stand for in the equations?

• interest rate as a decimal

• radius

• range

• rational

The sum of Rs 50000 deposited in a bank became Rs 58320 in 2 years. What was the annual rate of compound interest?

• 10 % p. a.

• 6 % p. a.

• 12 % p. a.

• 8 % p. a.

You invest $400 for 5 years at an interest rate of 4.29% each year. Which equation models this?

• y=400(1 - 0.0429)⁵

• y=400(1+.0429)⁵

• y=400(1+ 4.29)⁵

• y=400e^0.049*5

• A

• B

• C

• D

• $105,654
• $133,105
• $164,133
• $112,822

Approximately what interest rate would be needed in order to grow an investment of $1,400 to $2,500 in 10 years if the interest was compound monthly?

• 5.96%

• 5.84%

• 5.81%

• 5.88%