WorksheetsCompound Interest Problems Solving for Time
Total questions: 12
Worksheet time: 12mins
Understanding the concept of compounding: How does the frequency of compounding affect the amount of interest earned?
The frequency of compounding has no effect on the amount of interest earned
The frequency of compounding decreases the amount of interest earned
The frequency of compounding affects the amount of interest earned by increasing the number of compounding periods, which leads to higher interest earned.
The frequency of compounding only affects the principal amount
Find the future value of investing $17,000 at 7.3% compounded semiannually for 3 years. Round the answer to the whole dollar. Do not use any symbols (dollar signs, commas, or decimal points).
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
You borrowed $59,000 for 2 years at 11% which was compounded annually. What total will you pay back?
$13,693.90
$1,363.90
$72,693.90
$73,793.90
How long would it take for $1650 to reach $1,000,000 at 3%, compounded quarterly? Use desmos.
95 years
68 years
153 years
215 years
Adelaide puts $50 in bank A that offers a 5% interest rate compounded quarterly. A year later, she puts $60 in bank B that offers a 7.5% interest rate compounded monthly. How long from the $60 deposit will the amount in both banks be equal?
42 years
55 years
13 years
NEVER
How do you write the equation for interest compounded a certain amount of times?
y=Pert
y=P(1+r/n)nt
y=a(1-r)x
y=a(1+r)x
A
B
C
D
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?
Jay'den earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. Jay'den wants to know his balance after 15 years? What does 15 represent?
Principal or initial value, P
Rate of interest, r
Number of times interest is compounded, n
Time, t
You borrowed $1,690 for 5 1/2 years at an interest of 5.7% compounded annually. How much extra did you pay by taking out the loan?
$602.45
$2,292.45
$1,87.55
$3,982.45
To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.
compound; lowest
simple ; lowest
compound ; highest
simple ; highest
