WorksheetsMay 1: Compound Interest #2
Total questions: 33
Worksheet time: 6hrs 40mins
Bruno was given $2000 when he turned 3 years old. His parents invested it at a 2% interest rate compounded annually. Which expression can be used to determine how much money Bruno had in the account when he turned 16?
2000(1+0.02)13
2000(1+0.02)-13
2000(1+0.02)16
2000(1+0.02)3
Emily's parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semi-annually, what will be the balance after 3 years?
$2,273.50
$1,514.08
$2,040.23
$1,911.70
Interest Rate: 5.45%
Time: 19 years
Compounded Quarterly
State the future account balance.
Riley will have $2,706.86 in a savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much will Riley have to invest to earn this amount in 15 years?
$1,584.62
$2,651.39
$1,000.00
$1,825.10
Heather invested in a 4-year Certificate of Deposit (CD) that pays 4.1% interest compounded annually. How much will she have to invest into the CD, at the end of the 4 years, if $9,394.92 will be earned?
$8,000.00
$9,312.00
$1394.00
$1312.00
Steve wants to have $5,000, after 3 years, in a savings account that pays 4% interest compounded annually. Which equation could be used to find the value he needs to have in the account?
P = 5,000(1 + 4)-3
P = 5,000(1 + 0.04)-3
P = 5,000(1 + 0.4) x -3
A = 5,000(1 + 0.04)3
If an investment that pays 7.8% for 3 years is being compounded bi-weekly, what will the adjusted interest be, as a decimal, and how many compounding periods are there.
0.078 and 26
0.78 and 26
0.003 and 78
0.3 and 78
Weekly means how many times a year?
4
7
26
52
Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much interest will she earn in 10 years?
$915.59
$933.28
$979.81
$1,005.09
Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually,how much interest will Riley earn in 15 years?
$1,584.62
$1,651.39
$1,706.86
$1,893.45
Zach's parents put $1,500 in her 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
Treasure won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?
$4915.59
$3933.28
$2979.81
$4005.09
Putting money for yourself aside before paying bills
Do It Yourself
Pay Yourself First
Earning interest on interest
Interest
Compound Interest
Time Value of Money
Saving
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.
What does the n stand for in this formula?
Initial amount
Final amount
Rate
Time
The number of times compounded per year
What does the r stand for in this formula?
Initial amount
Final amount
Rate
Time
The number of times compounded per year
What does the P stand for in this formula?
Initial amount
Final amount
Rate
Time
The number of times compounded per year
Karla invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually.
Which exponential equation can be used to find how much money Karla will earn in 15 years?
Find the balance in the account after the given period.
$12,000 principal earing 4.8% compounded annually after 7 years.
$3,243.19
$16,661.35
$15,243.19
$4,661.35
