Compounded Interest

Fong wants to restore a '66 Mustang in 8 years. He puts $150 into an account every month that pays 3.5% interest, compounded monthly. How much is in the account in 8 years?

• $16,590.38

• $10,496.77

• $76,108.90

• $71,984.01

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.

• $15,415.94

• $15,683.28

• $15,927.56

• $16,109.05

Kimi invests $4,000 at 3% interest compounded continuously. How much money will she have in 4 years?

Dash invested $10,000 at 3% interest compounded continuously. How much will he have after 8 years?

Willie invests $8,515 in a retirement account with a fixed annual interest rate of 5% compounded continuously. What will the account balance be after 20 years?

• $22,017.32

• $23,146.17

• $20,021.95

• $20,943.52

Jessica invests $3,948 in a savings account with a fixed annual interest rate of 9% compounded continuously. What will the account balance be after 11 years?

• $8,786.44

• $10,056.40

• $10,624.99

• $8,357.92

Adam invests $5,208 in a savings account with a fixed annual interest rate of 8% compounded continuously. What will the account balance be after 8 years?

• $9,876.87

• $10,699.49

• $9,489.59

• $8,803.91

Mr. T invested $15,000 in an account that pays 5% interest compounding continuously, how much is in the account after 5 years? 

• $15,500.50

• $19,260.38

• $19,260.40

• $21,500.25

What does the P stand for in this formula?

• Initial amount

• Final amount

• Rate

• Time

• The number of times compounded per year.

What does the r stand for in this formula?

• Rate as a percent

• Rate as a decimal

• number of times interest is compounded