Compounded Interest Word Problems

Quiz
•
Mathematics
•
11th Grade
•
Hard
Standards-aligned
Anthony Clark
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Jenny has $20 in a savings account. The interest rate is 5%, compounded annually. To the nearest cent, how much interest will she earn in 2 years?
$2.05
$45.79
$1.99
$7.51
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Lauren has $90 in a savings account. The interest rate is 5%, compounded annually. To the nearest cent, how much will she have in 2 years?
$99.23
$21.98
$56.46
$9.21
Tags
CCSS.HSF-LE.A.1C
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Kelsey deposited $30 in a savings account earning 10% interest, compounded annually. To the nearest cent, how much interest will she earn in 3 years?
$9.93
$2.01
$17.60
$5.75
Tags
CCSS.HSF.BF.A.2
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much interest will she earn in 10 years?
$915.59 Rome
$933.28 Sydney
$979.81 Dublin
$1,005.09 Paris
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the compound interest formula A=P(1+r)t what does the A stand for?
The amount of interest
The total amount
The interest rate
The time
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the compound interest formula A=P(1+r)t what does the P stand for?
The time
The total amount
The principal amount (original amount)
The interest rate
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Jacob borrows $500 from Abraham and agrees to have the loan compounded annually for 5 years with an interest rate of 2.5%. How much will the total amount be that Jacob owes?
$565.70
$262609.38
$65.70
$630.20
Tags
CCSS.HSF-LE.A.1C
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