Hannah and Alex are 30 years old and want to retire at 65. They deposit $4,000 each year into an account that pays 3.4% interest, compounded annually. What is the account balance when Hannah and Alex retire?
FLASHCARD#10 12TH 4th

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Life Skills
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12th Grade
•
Hard
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22 questions
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1.
FLASHCARD QUESTION
Front
Back
$261,493
2.
FLASHCARD QUESTION
Front
What will be the balance in Spongebob and Squidward's savings account when they retire at 65 if they are currently 20 years old and deposit $3,000 each year at an interest rate of 2.9%, compounded semiannually?
Back
$359,860.39
3.
FLASHCARD QUESTION
Front
Jessica and Michael open an online savings account that has 3.6% annual interest rate, compounded monthly. If they deposit $1,200 every month, how much will be in the account after 10 years?
Back
$173,022.87
4.
FLASHCARD QUESTION
Front
If you deposit $1,000 at 4.3% interest, compounded continuously, what would your ending balance be to the nearest cent after 5 years?
Back
$1,239.86
5.
FLASHCARD QUESTION
Front
If you deposit $1,500 at 4.9% interest, compounded continuously, what would your ending balance be to the nearest cent after 5 years?
Back
1,916.43
6.
FLASHCARD QUESTION
Front
If you deposit $9,000 at 4.75% interest, compounded continuously, what would your ending balance be to the nearest cent after 3 years?
Back
10,378.38
7.
FLASHCARD QUESTION
Front
Find the interest earned on $50,000 deposited for 6 years at 4 1/8% interest, compounded continuously
Back
$64,040.97
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