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Compound Interest

Total questions: 10

Worksheet time: 1hrs 10mins

Name
Class
Date
1.

Haikal deposited RM1000 in a savings account at 3% compounded monthly. Find the number of months required if Haikal wanted the amount in the account to become RM2000.

a)

280

b)

278

c)

23

d)

24

2.

RM20,000 is invested in an investment fund that pays 6% compounded annually for 10 years. Find the compound amount and the interest earned.

a)

RM35,816.95 and I=RM15,816.95

b)

RM15,816.95 and I=RM35,816.95

c)

RM35,616.85 and I=RM15,616.65

d)

RM33,816.95 and I=RM13,816.95

3.

If Farain invested RM2,000 and after t years, she got RM6,250 with interest 5.5% compounded every six months. How long was the investment?

a)

20 years

b)

240 months

c)

21 years

d)

243 months

4.

Suffian wishes to have RM6,000 in two years' time to tour Middle East. How much should he invested today at 8% compounded semi-annually?

a)

RM5,100.00

b)

RM5,218.83

c)

RM5,128.83

d)

RM5,200.00

5.

Raihana invested RM50,000 in a fund at 5% compounded quarterly. After Y years, the value of the investment is RM74,406.53. Determine the value of Y.

a)

9 years

b)

108 months

c)

8 years

d)

8.5 years

6.

A what rate compounded semi-annually will RM2,000 become RM3,105.94 in 5 years' time?

a)

8.4%

b)

7.9%

c)

9.0%

d)

5.0%

7.

Johan Bidin plans to invest RM725 in an account that offers 7% interest rate compounded semi-annually for 4 years. Find the amount of the interest earned.

a)

RM329.69

b)

RM229.69

c)

RM954.69

d)

RM934.69

8.

Alauddin invested RM600 for 10 years 2 months. The investment offered an interest rate of 8% compounded every three months for the first 5 years and 9% compounded monthly for the rest of the period. Calculate the accumulated amount of money in the account at the end of the investment period.

a)

RM1,416.93

b)

RM8,416.93

c)

RM816.93

d)

RM2,016.93

9.

Bank A offers an interest rate 9% compounded every two months while Bank B offers an interest rate 8.65% compounded monthly for fixed deposits. Determine which bank offers a better return.

a)

Bank A

b)

Bank B

c)

Bank C

d)
10.

Abdul Rahman invested RM11,000 in an investment account that paid interest at 5% compounded semi-annually for 10 years. After six years he withdrew RM3,000 from the account. Determine the accumulated amount in the account at the end of the investment period.

a)

RM14,369.58

b)

RM11,369.58

c)

RM15,024.78

d)

RM18,024.78