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Compound Interest problems


  • 1. 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
  • Discuss
  • 2. 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
  • Discuss
  • 3. 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
  • Discuss
  • 4. 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
  • Discuss
  • 5. Find the annual interest rate that produces $100,000 from $20,000 in 15 years.

  • Options
  • A. 9.33%
  • B. 10.33%
  • C. 11.33%
  • D. 12.33%
  • Discuss
  • 6. Calculate the effective interest rate compounded quarterly of a 13% annual rate.

  • Options
  • A. 13.65%
  • B. 14.665%
  • C. 15.65%
  • D. 16.65%
  • Discuss
  • 7. Calculate the effective interest rate of a 10% annual rate compounded continuously.

  • Options
  • A. 9.52%
  • B. 10.52%
  • C. 11.52%
  • D. 12.52%
  • Discuss
  • 8. An amount of 5,000 is invested at a fixed rate of 8 per cent per annum. What amount will be the value of the investment in five years time, if the interest is compounded annually

  • Options
  • A. 7346.64
  • B. 8346
  • C. 3456
  • D. 4567
  • Discuss
  • 9. Give an investment of $13200,compound amount of $22680.06 invested for 8 years,what is the interest rate if interest rate is compounded anually?

  • Options
  • A. 6%
  • B. 5%
  • C. 7%
  • D. 8%
  • Discuss
  • 10. Example:Given an amount needed(future value) of $3300 in 4 years at an interest rate of 11% compounded anually,Find the present value and the amount of interest earned

  • Options
  • A. 1126.19
  • B. 1237
  • C. 2863
  • D. 1892
  • Discuss

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