Mastering Compound Interest in Finance: Grade 10 Quiz

A bank offers a savings account with a principal of $1,000 and an annual interest rate of 5% compounded annually. How much money will be in the account after 3 years?

• 1050.75

• 1200.00

• 1100.50

• 1157.63

If you invest $2,500 in a fund that earns 4% interest compounded quarterly, what will be the total amount in the account after 5 years?

• 4000.00

• 3050.47

• 3000.00

• 2500.00

You deposit $1,200 in a bank that offers 6% interest compounded monthly. How much will you have after 2 years?

• 1300.75

• 1200.00

• 1352.99

• 1450.50

A loan of $5,000 is taken out at an interest rate of 7% compounded annually. What will be the total amount owed after 4 years?

• $5,000.00

• $6,000.00

• $7,000.00

• $6,553.98

If you invest $800 at an interest rate of 3% compounded semi-annually, how much will you have after 6 years?

• 900.25

• 1000.00

• 850.00

• 956.49

A principal of $10,000 is invested at an interest rate of 8% compounded annually. What will be the total amount after 10 years?

• 25000.00

• 20000.00

• 18000.00

• 21588.90

You want to save $15,000 for a car in 5 years. If the bank offers 5% interest compounded annually, how much do you need to deposit now?

• 11763.66

• 10000.00

• 13000.50

• 15000.00

A student takes a loan of $3,000 at an interest rate of 5% compounded quarterly. How much will the student owe after 3 years?

• 4000.00

• 3600.00

• 3200.00

• 3484.80

If you invest $1,500 at an interest rate of 4% compounded monthly, what will be the total amount after 8 years?

• 2500.75

• 1800.00

• 2000.00

• 2148.55

A principal of $2,000 is invested at an interest rate of 6% compounded annually. How much will it grow to after 7 years?

• 2500.00

• 3100.50

• 2800.75

• 2969.62