Math Practice Problems - Compound Interest

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Compound Interest - Sample Math Practice Problems

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Complexity=50

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

Complexity=100

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

Answers

Complexity=20

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

#	Problem	Correct Answer	Your Answer
1	Interest Rate: 4% annually Starting Balance: $105 Time Passed: 11 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 = $105 R = interest rate = 4% T = time = 11 years Total balance = principle × (1 + interest rate)^time = 105 × (1 + (4 / 100))¹¹ = $162 Interest accrued = total balance - starting balance = $162 - $105 = $57

#	Problem	Correct Answer	Your Answer
2	Interest Rate: 4% annually Starting Balance: $186 Time Passed: 4 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 = $186 R = interest rate = 4% T = time = 4 years Total balance = principle × (1 + interest rate)^time = 186 × (1 + (4 / 100))⁴ = $218 Interest accrued = total balance - starting balance = $218 - $186 = $32

Complexity=50

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

#	Problem	Correct Answer	Your Answer
1	Interest Rate: 1% annually Starting Balance: $280 Time Passed: 6 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 = $280 R = interest rate = 1% T = time = 6 years Total balance = principle × (1 + interest rate)^time = 280 × (1 + (1 / 100))⁶ = $297 Interest accrued = total balance - starting balance = $297 - $280 = $17

#	Problem	Correct Answer	Your Answer
2	Interest Rate: 3% weekly Starting Balance: $334 Time Passed: 14 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 = $334 R = interest rate = 3% T = time = 14 years Total balance = principle × (1 + interest rate)^time = 334 × (1 + (3 / 100))¹⁴ = $505 Interest accrued = total balance - starting balance = $505 - $334 = $171

Complexity=100

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

#	Problem	Correct Answer	Your Answer
1	Interest Rate: 9% annually Starting Balance: $454 Time Passed: 11 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 = $454 R = interest rate = 9% T = time = 11 years Total balance = principle × (1 + interest rate)^time = 454 × (1 + (9 / 100))¹¹ = $1172 Interest accrued = total balance - starting balance = $1172 - $454 = $718

#	Problem	Correct Answer	Your Answer
2	Interest Rate: 4% daily Starting Balance: $461 Time Passed: 9 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 = $461 R = interest rate = 4% T = time = 9 years Total balance = principle × (1 + interest rate)^time = 461 × (1 + (4 / 100))⁹ = $656 Interest accrued = total balance - starting balance = $656 - $461 = $195

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