Compound Interest Calculation

What interest rate would you need to double $2500 in 12 years?

• 5%

• 6%

• 34%

• 16%

How many years will it take to double your money with a 3% interest rate?

• 24 years

• 12 years

• 4 years

• none of these

If Raven has money in the bank at 3% interest, how many years will it take her money to double? (type number only)

If Nate has money in the bank at 7.2% interest, how many years will it take his money to double? (type number only)

Becca wants her money to double in 6 years. What interest rate will she need?

Sydney wants her money to double in 4 years. What interest rate will she need?

Caiden earned $475 from mowing lawns last summer.He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

• $827.52                     (Mr. Williams)       

• $831.10                 (Mrs. Hoch)

• $839.45                    (Mr. Krajunus)

• $846.80                   (Ms. Palombo)

Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?

• $6,273.50  frustrated

• $6,314.08 bewildered

• $6,385.72         pleased

• $6,427.94           tickled pink

The Henley's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually,how much interest will they  have paid after 30 years?

• $412,749.79      Labor Day

• $429,305.61            the 4th of July

• $471,259.24  Groundhog Day

• $494,546.99 Valentine’s Day

Twelve years ago, Claire put $1,800 in an account that pays an interest rate of 2.5% compounded semiannually.She now plans to take the  money in that account and invest it in another account that earns 4% interest compounded monthly. How much money will be in this new account after 7 years?

• $3,207.40             eating ice cream 

• $3,348.96        chewing gum

• $3,574.15            telling math jokes

• $3,733.62                   tap dancing