Compound Interest ~ 4th Period

Flashcard
•
Mathematics
•
10th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the decimal equivalent of 6.75%?
Back
.0675
2.
FLASHCARD QUESTION
Front
If Karla invests $1,000 at 6.75% interest compounded semi-annually for 15 years, how much will she have?
Back
$2,706.86
3.
FLASHCARD QUESTION
Front
What is the total amount Emily will pay for furniture costing $7,400 at 9.5% interest compounded quarterly after 8 years?
Back
$15,683.28
4.
FLASHCARD QUESTION
Front
How many times a year does monthly compounding occur?
Back
12
5.
FLASHCARD QUESTION
Front
If Courtney saves $2,200 at 5.2% interest compounded daily for 4 years, what will be the total amount in her account?
Back
$2,708.63
6.
FLASHCARD QUESTION
Front
Define compound interest.
Back
Interest calculated on the initial principal and also on the accumulated interest from previous periods.
7.
FLASHCARD QUESTION
Front
What is the formula for compound interest?
Back
A = P(1 + r/n)^(nt) where A is the amount, P is the principal, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.
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