Compounded Interest Word Problems

Ash has $8,000 in a savings account. The interest rate is 3% compounded once a year.

To the nearest cent, how much will he have in his account in 4 years?

• $9,004.07

• $2,2848.80

• $9,011.94

• $8,242.71

Find the balance in an account that has $300 invested at 6.5% for 4 years compounded semi-annually.

• $387.47

• $496.50

• $7,800.00

• $385.94

Derrick has $1,000 in a savings account that ears 15% interest, compounded monthly. To the nearest cent, how much will he have in 2 years?

• $5,350.25

• $1,322.50

• $1,025.16

• $1,347.35

The population of Pallet Town increases by 15% every year. If there are currently 190,000 people living there, what will be the population in 13 years?

If necessary, round your answer to the nearest whole number.

• 4 people.

• 22,972 people.

• 1,169,030 people.

• 1,188,311 people.

A bank is offering 7% annual compound interest on a savings account.  If you deposit $1,500, how much interest will you earn in three years?

• $1837.56

• $337.56

• $30000

• $31500

A sum of money doubles in 8 years when compounded annually. What is the annual interest rate?

• 9%

• 8.75%

• 9.25%

• 8.5%

If $1000 is invested at a compound interest rate of 4% per year, compounded annually, how much will the investment be worth after 2 years?

Captain America invests $5000 in a savings account which pays compound interest at the rate of 2.5% per year. Calculate the total interest in 6 years correct to the nearest dollars.

• $5798.46

• $750

• $798.46

• $678.46

A $2000 investment with an annual interest rate of 3% compounded monthly will amount to how much after 4 years?

If you invest $2500 at an annual interest rate of 4% compounded semi-annually, how much will the investment be worth after 10 years?