Compounding Interest Problems (exponential growth ...
Compounding Interest Problems (exponential growth) Bridgeport Math
Name ___________________________
1. How much would you have if you deposited $500 for 10 years at 4% interest compounded yearly?
2. How much would you have if you deposited $500 for 10 years at 4% interest compounded monthly?
3. How much would you have if you deposited $500 for 10 years at 4% interest compounded daily?
4. A newborn child receives a $5000 gift towards a college education from her grandparents. How much will the gift be worth in 17 years, if it in invested at 7% compounded quarterly?
5. A bank is offering a CD that pays 6% compounded daily. How much would a deposit of $2000 earn over 8 years?
6. You receive a $5000 gift which you want to invest for 3 years. Should you choose an investment paying 4.5% interest compounded monthly or one paying 4.25% interest compounded daily? (show both totals)
7. Susan needs to save $20,000 in ten years. She deposits $10000 at 5% interest compounded monthly. Will she have enough?
How much will she have?
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