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  • Lec 23 Compound Interest Numericals

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    haiqa malik
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    This document contains 8 practice questions about compound interest. The questions ask the learner to calculate amounts in accounts after various time periods given initial deposits and interest rates that are compounded monthly, quarterly, semiannually or annually. They are also asked to determine the amount needed for an initial deposit to reach a given balance after a certain number of years.

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    lec 23 compound interest numericals

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    This document contains 8 practice questions about compound interest. The questions ask the learner to calculate amounts in accounts after various time periods given initial deposits and interest rates that are compounded monthly, quarterly, semiannually or annually. They are also asked to determine the amount needed for an initial deposit to reach a given balance after a certain number of years.

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    14 views1 page

    Lec 23 Compound Interest Numericals

    Uploaded by

    haiqa malik
    This document contains 8 practice questions about compound interest. The questions ask the learner to calculate amounts in accounts after various time periods given initial deposits and interest rates that are compounded monthly, quarterly, semiannually or annually. They are also asked to determine the amount needed for an initial deposit to reach a given balance after a certain number of years.

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    © All Rights Reserved
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    of 1

    COMPOUND INTEREST

    PRACTICE QUESTIONS
    LECTURE: 23
    DATE: 21/5/2020

    1. If you deposit $4500 at 5% annual interest compounded quarterly, how much money will
    be in the account after 10 years?

    2. How much money would you need to deposit today at 5% annual interest compounded
    monthly to have $20000 in the account after 9 years?

    3. If you deposit $6000 into an account paying 6.5% annual interest compounded quarterly,
    how long until there is $12600 in the account?

    4. If you deposit $5000 into an account paying 8.25% annual interest compounded
    semiannually, how long until there is $9350 in the account?

    5. If you deposit $8000 into an account paying 7% annual interest compounded quarterly,
    how long until there is $12400 in the account?

    6. If you deposit $5000 into an account paying 6% annual interest compounded monthly,
    how long until there is $8000 in the account?

    7. How much money would you need to deposit today at 9% annual interest compounded
    monthly to have $12000 in the account after 6 years?

    8. Lim’s investment of $2100 earned $404.25 in simple interest after 3.5 years. What was
    the interest rate p.a.?

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