Finding Compound Interest With a Calculator


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question 1 of 3

Suppose you are investing 1500 for 4 years in an account that pays 2% interest compounded annually. Since interest is compounded annually, we use the formula A = P(1 + r) t. We plug our values in for their variables to get A = 1500(1 + 0.02) 4. What would be the first thing we would plug in our calculator when going about finding the amount in the account after 4 years?

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1. Which of the following statements are true?

2. Suppose you are investing $100 in an account that pays 7% interest, compounded four times per year. Use your calculator to find the amount in the account after 3 years.

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About This Quiz & Worksheet

Finding compound interest will be the target of this quiz and worksheet combination. You'll be tested with practice problems that ask you to plug numbers into your calculator to discover answers.

Quiz & Worksheet Goals

You will be asked about the following topics on this quiz and worksheet:

  • Plugging numbers into a calculator
  • Aspects of the compound interest formula
  • Finding amounts plus interest after a given time
  • Calculating interest amounts owed

Skills Practiced

  • Problem solving - use your acquired knowledge to solve practice problems involving compound interest
  • Information recall - remember what you have learned about the formula for compound interest
  • Knowledge application - apply your skills to find the amount in an account after a period of time

Additional Learning

For more study topics, check out the lesson titled, Finding Compound Interest With a Calculator. Inside, you can discover the following ideas:

  • Variables in the compound interest formula
  • Continuous interest
  • Interest increments per year
  • Annual interest