Reference no: EM131057956
1. Does simple interest or compound interest accumulate at a faster rate?
2. If you were to take out a loan, would you prefer to be charged simple or compound interest?
3. When creating a graph, if an exponential curve resulted, would you be graphing a simple or compound interest scenario?
4. What are the 4 main compounding frequencies?
5. What does the term "compounding" mean?
6. What compounding frequency compounds interest every three months?
7. Maria invests $32,500 at 8% compounded semiannually. How much will she have at the end of 4 years?
8. Jennifer invests $80,000 in an account which pays 7% compounded annually for 3 years. What is her total investment return at the end of the 3 years?
9. John has $5000 to invest. The bank will pay John 6% compounded monthly on his money. How much interest will John earn after 5 years?
10. Roslyn's account pays her 5% compounded quarterly. If she invests $8250, how much interest is she paid over 2.5 years?
11. Margaret would like to save up for a snowboard that costs $520. How much would she have to invest now in an investment account earning 6.5% compounded semiannually, if she would like to purchase the snowboard 1 year from now?
12. David is 50 years old and would like to retire at age 65 with $2,500,000. What amount would he need to place in an investment account earning 11% interest compounded quarterly in order to reach his retirement goal?
13. If Brett at the end of 3 years has $10,900, how much interest did he earn, if he originally invested $7500?
14. Find the principal which was invested in the following.
a) 5 years, 3% compoundedannually, $12,350 maturity
b) 15 years,7.25% compounded quarterly, $136,770maturity
c) 30 months, at 4% compounded monthly, $3000 maturity
15. Sara is planning on fully renovating her kitchen. She figures that this will cost a total of $25,750. If Sandra already has $21,400 saved up, what annual interest rate compounded semiannually would Sara need to earn in order to have the required funds if she invests her money for 2.5 years?
16. Marla has withdrawn $5000 from a line of credit. If she makes no payments, in 3 years she will owe $6435.09. What quarterly compounded interest rate was Marissa being charged?
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Interest accumulate at a faster rate
: 1. Does simple interest or compound interest accumulate at a faster rate? 2. If you were to take out a loan, would you prefer to be charged simple or compound interest?
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