Solving Exponential Equations and Compound Interest

Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Riley earn in 15 years?

• $1,584.62

• $2,651.39

• $2,706.86

• $1,825.10

Zach's parents put $1,500 in his bank account for college tuition. At an interest rate of 8.25% compounded semi-annually, what will be the balance after 18 years?

• $6,273.50

• $6,314.08

• $6,385.72

• $6,427.94

Johnny takes an unknown amount of money and deposits it in a bank at an interest rate of 2%. He leaves the money in the account for 6 years, compounded quarterly. If the Johnny withdraws after 6 years is $455,125, what was the original amount of money he deposited?

• $403 780

• $404 138

• $406 362

• $436 870

In the compound interest formula A=P(1+r)^t what does the P stand for?

• The time

• The total final amount

• The principal amount (original amount)

• The interest rate

Andy invests $500 into an account with 4.8% interest, compounded MONTHLY. How much will be in the account in 10 years?

• $799.06

• $520.36

• $807.26

• $877.61

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

Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?

• $6,273.50

• $6,314.08

• $6,385.72

• $6,427.94

• A

• B

• C

• D

Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded monthly, how much total will he have paid after 5 years?

• $33,299.42

• $33,672.68

• $34,157.04

• $34,710.88

• $128,660
• $166,280
• $175,335
• $250,354