If you deposit $6500 into an account paying 8% annual interest compounded monthl

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Question
If you deposit $6500 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years?
Options
A. 11358.24
B. 12334
C. 15789
D. 12386

Correct Answer

11358.24

Explanation

FV=P(1+r/n)^nt

Compound Interest problems

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1. An amount of money was lent for 3 years. What will be the difference between the simple and the compound interest earned on it at the same rate? I. The rate of interest was 8 p.c.p.a. II. The total amount of simple interest was Rs. 1200
Options
A. I alone sufficient while II alone not sufficient to answer
B. alone sufficient while I alone not sufficient to answer
C. Both I and II are not sufficient to answer
D. Both I and II are necessary to answer

2. The difference between compound interest and simple interest on a certain sum of money for 2 years at 5% per annum is Rs. 41. What is the sum of money?
Options
A. Rs.7200
B. Rs.9600
C. Rs.16400
D. Rs.8400

3. The difference between simple interest and compound on Rs. 1200 for one year at 10% per annum reckoned half-yearly is
Options
A. Rs.2
B. Rs.3
C. Rs.4
D. Rs.5

4. If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, what is the compound interest on the same at the same rate and for the same time
Options
A. Rs.51.25
B. Rs.61.25
C. Rs.51
D. Rs.42

5. What is the rate of compound interest? I. The principal was invested for 4 years. II. The earned interest was Rs. 1491.
Options
A. I alone sufficient while II alone not sufficient to answer
B. II alone sufficient while I alone not sufficient to answer
C. Either I or II alone sufficient to answer
D. Either I or II alone sufficient to answer

6. How much money would you need to deposit today at 9% annual interest compounded monthly to have $12000 in the account after 6 years?
Options
A. 9007
B. 4007
C. 7007.08
D. 8oo7

7. You deposit $300 in a savings account that pays 4% simple annual interest. Find your account balance after 9 months.
Options
A. 309
B. 409
C. 609
D. 509

8. Simon deposits $400 in an account that pays 3% interest compounded annually. What is the balance of Simon?s account at the end of 2 years?
Options
A. 424.36
B. 524.56
C. 545.36
D. 456.36

9. Jackie deposits $325 in an account that pays 4.1% interest compounded annually. How much money will Jackie have in her account after 3 years?
Options
A. 346.64
B. 356.64
C. 366.64
D. 376.64

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