Practice: Compound Interest
1) Bort deposits 500$ into a savings account that pays 4% interest compounded yearly. a) If he leaves it in there for 10 years, how much will he have? VariablesCalculations: A=P(1+r)tPrincipal (P) = Rate (r) = Time (t) =Conclusion:b) How much interest did Bort make on his investment? 5171440274955002) In order to put a new floor down in her apartment, Elisa borrowed $1,000 off of a line of credit with an interest rate of 3.9% compounded yearly. a) If she plans to pay this off in 2 years, how much will she have to pay back? VariablesCalculations: A=P(1+r)tPrincipal (P) = Rate (r) = Time (t) =Conclusion:b) How much interest was Elisa charged on her loan? right109855003) Bryden got a crisp 20$ bill on his birthday, and his parents put it into a savings account that pays 1.9% compounded yearly. a) If his parents forgot about this $20 for 50 years, how much would Bryden have in the account? VariablesCalculations: A=P(1+r)tPrincipal (P) = Rate (r) = Time (t) =Conclusion:b) How much interest did this 20$ earn? 4) Carl invests $4,000 in a savings account that pays 3% interest compound yearly for 4 years. Calculate how much money he has after this time. VariablesCalculations: A=P(1+r)tPrincipal (P) = Rate (r) = Time (t) =Conclusion:Answers: 1) a) $740.12 b) $5002) a) $1,079.52 b) $79.523) a) $51.26 b) $31.26 4) $4,502.04 ................
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