Alg462 Compound/Continuous Interest
star
star
star
star
star
Last updated over 4 years ago
11 questions
1
You deposit $2200 in a bank account that pays 3% annual interest compounded quarterly. Find the balance after 4 years.
You must show your work in the "show your work" box.
You deposit $2200 in a bank account that pays 3% annual interest compounded quarterly. Find the balance after 4 years.
You must show your work in the "show your work" box.
1
You deposit $2200 in a bank account that pays 3% annual interest compounded monthly. Find the balance after 4 years.
You must show your work in the "show your work" box.
You deposit $2200 in a bank account that pays 3% annual interest compounded monthly. Find the balance after 4 years.
You must show your work in the "show your work" box.
1
You deposit $2200 in a bank account that pays 3% annual interest compounded daily. Find the balance after 4 years.
You must show your work in the "show your work" box.
You deposit $2200 in a bank account that pays 3% annual interest compounded daily. Find the balance after 4 years.
You must show your work in the "show your work" box.
1
Looking at the three situations in questions #1-3, which account pays you the most interest?
Looking at the three situations in questions #1-3, which account pays you the most interest?
1
You want to save $3000 in your savings account after 3 years of collecting interest. If the account pays 3.5% interest compounded monthly, find the amount you should deposit in the account to reach $3000 at the end of 3 years.
You must show your work in the "show your work" box.
You want to save $3000 in your savings account after 3 years of collecting interest. If the account pays 3.5% interest compounded monthly, find the amount you should deposit in the account to reach $3000 at the end of 3 years.
You must show your work in the "show your work" box.
1
You want to save $3000 in your savings account after 3 years of collecting interest. If the account pays 4% interest compounded yearly, find the amount you should deposit in the account to reach $3000 at the end of 3 years.
You must show your work in the "show your work" box.
You want to save $3000 in your savings account after 3 years of collecting interest. If the account pays 4% interest compounded yearly, find the amount you should deposit in the account to reach $3000 at the end of 3 years.
You must show your work in the "show your work" box.
1
Is investing $3000 at 6% annual interest compounded monthly and $3000 at 8% annual interest compounded monthly equivalent to investing $6000 (the total of the two principals) at 7% interest (the average of the two interest rates) compounded monthly?
You should use the formula three times! Show your work and explain your answer in the show your work box.No work = No credit!
Is investing $3000 at 6% annual interest compounded monthly and $3000 at 8% annual interest compounded monthly equivalent to investing $6000 (the total of the two principals) at 7% interest (the average of the two interest rates) compounded monthly?
You should use the formula three times! Show your work and explain your answer in the show your work box.
No work = No credit!
1
You deposit $2000 in an account that pays 4% annual interest compounded continuously. What is the balance after 5 years?
You must show your work in the "show your work" box.
You deposit $2000 in an account that pays 4% annual interest compounded continuously. What is the balance after 5 years?
You must show your work in the "show your work" box.
1
You have $1099.50 in an account that paid 2.65% annual interest compounded continuously for twelve years. How much was the initial deposit?
You must show your work in the "show your work" box.
You have $1099.50 in an account that paid 2.65% annual interest compounded continuously for twelve years. How much was the initial deposit?
You must show your work in the "show your work" box.
1
1
Suppose you have $5500 to deposit into a bank account. Which of the options below would be the best for you to have the greatest amount after 7 years?--> The account pays 3.5% interest compounded monthlyOR--> The account pays 3.495% interest compounded continuously
You must show your work in the "show your work" box.
Suppose you have $5500 to deposit into a bank account. Which of the options below would be the best for you to have the greatest amount after 7 years?
--> The account pays 3.5% interest compounded monthly
OR
--> The account pays 3.495% interest compounded continuously
You must show your work in the "show your work" box.