Compound Interest Sample Problems

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These sample problems below for Compound Interest were generated by the MathScore.com engine.

Sample Problems For Compound Interest

Answer the following questions involving compound interest. Input all answers to the nearest dollar

1.	Interest Rate: 2% weekly Starting Balance: $128 Time Passed: 7 weeks How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:
2.	Interest Rate: 6% daily Starting Balance: $188 Time Passed: 8 days How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:

Answer the following questions involving compound interest. Input all answers to the nearest dollar

1.	Interest Rate: 7% annually Starting Balance: $131 Time Passed: 7 years How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:
2.	Interest Rate: 9% annually Starting Balance: $331 Time Passed: 14 years How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:

Answer the following questions involving compound interest. Input all answers to the nearest dollar

1.	Interest Rate: 5% daily Starting Balance: $545 Time Passed: 8 days How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:
2.	Interest Rate: 8% daily Starting Balance: $526 Time Passed: 6 days How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:

Answer the following questions involving compound interest. Input all answers to the nearest dollar

#	Problem	Correct Answer	Your Answer
1	Interest Rate: 2% weekly Starting Balance: $128 Time Passed: 7 weeks How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:
Solution Compound Interest: Total Balance = P(1 + R)^T P = principle = starting balance = $128 R = interest rate = 2% T = time = 7 years Total balance = principle × (1 + interest rate)^time = 128 × (1 + (2 / 100))⁷ = $147 Interest accrued = total balance - starting balance = $147 - $128 = $19

#	Problem	Correct Answer	Your Answer
2	Interest Rate: 6% daily Starting Balance: $188 Time Passed: 8 days How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:
Solution Compound Interest: Total Balance = P(1 + R)^T P = principle = starting balance = $188 R = interest rate = 6% T = time = 8 years Total balance = principle × (1 + interest rate)^time = 188 × (1 + (6 / 100))⁸ = $300 Interest accrued = total balance - starting balance = $300 - $188 = $112

Answer the following questions involving compound interest. Input all answers to the nearest dollar

#	Problem	Correct Answer	Your Answer
1	Interest Rate: 7% annually Starting Balance: $131 Time Passed: 7 years How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:
Solution Compound Interest: Total Balance = P(1 + R)^T P = principle = starting balance = $131 R = interest rate = 7% T = time = 7 years Total balance = principle × (1 + interest rate)^time = 131 × (1 + (7 / 100))⁷ = $210 Interest accrued = total balance - starting balance = $210 - $131 = $79

#	Problem	Correct Answer	Your Answer
2	Interest Rate: 9% annually Starting Balance: $331 Time Passed: 14 years How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:
Solution Compound Interest: Total Balance = P(1 + R)^T P = principle = starting balance = $331 R = interest rate = 9% T = time = 14 years Total balance = principle × (1 + interest rate)^time = 331 × (1 + (9 / 100))¹⁴ = $1106 Interest accrued = total balance - starting balance = $1106 - $331 = $775

Answer the following questions involving compound interest. Input all answers to the nearest dollar

#	Problem	Correct Answer	Your Answer
1	Interest Rate: 5% daily Starting Balance: $545 Time Passed: 8 days How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:
Solution Compound Interest: Total Balance = P(1 + R)^T P = principle = starting balance = $545 R = interest rate = 5% T = time = 8 years Total balance = principle × (1 + interest rate)^time = 545 × (1 + (5 / 100))⁸ = $805 Interest accrued = total balance - starting balance = $805 - $545 = $260

#	Problem	Correct Answer	Your Answer
2	Interest Rate: 8% daily Starting Balance: $526 Time Passed: 6 days How much interest has accrued if calculated as compound interest? What is the new total balance?	Interest: Total balance:
Solution Compound Interest: Total Balance = P(1 + R)^T P = principle = starting balance = $526 R = interest rate = 8% T = time = 6 years Total balance = principle × (1 + interest rate)^time = 526 × (1 + (8 / 100))⁶ = $835 Interest accrued = total balance - starting balance = $835 - $526 = $309