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Compound Interest Review
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When compounding quarterly, how many times is that a year?
4
When compounding monthly, how many times is that a year?
12
What is compound interest?
Compound interest is interest based on both the initial principal and the accumulated interest.
What does FV stand for?
Future Value
What does PV stand for?
Present Value
What is the formula for compound interest?
A = P(1 + r/n)^(n*t)
Julio invests a sum of money in a retirement account with a fixed annual interest rate of 8% compounded quarterly. After 15 years, the balance reaches $17,628.98. What was the amount of the initial investment?
$5,373
Carlos invests $1,712 in a retirement account with a fixed annual interest rate compounded quarterly. After 18 years, the balance reaches $3,504.63. What is the interest rate of the account?
4%
Eduardo invests $6,864 in a savings account with a fixed annual interest rate of 7% compounded quarterly. How long will it take for the account balance to reach $12,817.88?
9 years
Amy invests $2,124 in a savings account with a fixed annual interest rate of 9% compounded monthly. What will the account balance be after 7 years?
$3,978.68
Lea invests a sum of money in a savings account with a fixed annual interest rate of 7% compounded weekly. After 9 years, the balance reaches $4,014.70. What was the amount of the initial investment?
$2,460.32
Chelsea invests $6,316 in a savings account with a fixed annual interest rate compounded quarterly. After 4 years, the balance reaches $6,840.22. What is the interest rate of the account?
2%
Ashley invests $5,771 in a retirement account with a fixed annual interest rate of 9% compounded monthly. How long will it take for the account balance to reach $24,227.11?
16 years
Natalie invests $8,387 in a retirement account with a fixed annual interest rate of 6% compounded semiannually. What will the account balance be after 16 years?
$21,597.22
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