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Compound Interest
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Compounded quarterly means how many times per year?
4
Compounded daily means how many times per year?
365
Compounded monthly means how many times per year?
12
Compounded weekly means how many times per year?
52
Drake puts $300 into an account to use for school expenses. The account earns 4% interest, compounded monthly. How much money will he have after 3 years?
$338.18
Todd puts $8,258.00 into an account to use for school expenses. The account earns 14.55% interest, compounded quarterly. How much will be in the account after 10 years?
$34478.79
Julian and Lisa deposit $4,557.00 into a savings account which earns 3.8% interest compounded quarterly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?
$4915.07
Clayton opened a savings account and deposited $200.00. The account earns 11% interest, compounded quarterly. If he wants to use the money to buy a new bicycle in 3 years, how much will he be able to spend on the bike?
$276.96
Sam is saving up money to buy a car. Sam puts $10,000.00 into an account which earns 5% interest, compounded quarterly. How much will he have in the account after 8 years?
$14881.31
Tanvi opened a savings account and deposited $600.00 as principal. The account earns 12% interest, compounded annually. What is the balance after 5 years?
$1057.41
Marvin puts $500.00 into an account to use for school expenses. The account earns 1% interest, compounded annually. How much will be in the account after 6 years?
$530.76
Calculate the compound interest of the following situation: $43,800 at 4.8% for 2 years
$48105.72
Calculate the compound interest of the following situation: $34,100 at 3% annually for 3 years
$37261.99
Drake puts $300 into an account to use for school expenses. The account earns 4% interest, compounded annually. How much interest will he earn after 2 years?
$24.48
Ms. Perez wants to invest $30,000 into an account that compounds annually. The interest rate at this bank is 2.8%. How much money will be in the account after 3 years?
$32591.22
What does n stand for?
# of times compounded annually
What does t stand for?
Time (in years)
What does A stand for?
Total Amount
What does r stand for?
Interest Rate
What does P stand for?
Principal (beginning amount)
Find the total amount in the account to the nearest cent if the interest is compounded annually. $2750 at 8% for 2 years.
$3207.60
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