Name: ____________________________________________ Section: _____________________ Score: ____________

QUIZ #2 – Compound Interest (compounding once a year)

1. Find the total amount of interest if the interest if P2750 is compounded annually at 8% for 2 years.
A. 220.50 C. 660.60
B. 457.60 D. 237.60
2. Calculate the interest rate for an account that started with $5,000 and now has $13,000 and has been compounded
annually for the past 12 years.
A. 9.288% C. 3.288%
B. 11.288% D. 8.288%
3. The compound interest formula is: A=P(1 + r)t. What does the A represent?
A. The amount required to invest.
B. The amount of interest earned.
C. The amount of time that has passed.
D. The total amount of money after a certain amount of time.
4. Find the total amount in the account if 2750 is compounded annually at 8% for 2 years.
A. 2200.00 C. 8910.00
B. 3207.60 D. 2750
5. Emily's parents put P1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded
annually, what will be the total balance after 2 years?
A. P3,273.50
B. P1,314.08
C. P2,385.72
D. P1,757.71
6. Robert invested P200 in a retirement account that had a rate of 20% that compounds annually. If Robert leaves his
money in for 3 years, how much money will be in his account?
A. P240.50
B. P300.60
C. P288.00
D. P345.60
7. Bruno was given 2000 when he turned 3 years old. His parents invested it at a 2% interest rate compounded
annually. No deposits or withdrawals were made. Which expression can be used to determine how much money
Bruno had in the account when he turned 16?
A. 2000(1+0.02)13
B. 2000(1-0.02)13
C. 2000(1+0.02)16
D. 2000(1-0.02)16
8. The Henley's took out a loan for P195,000 to purchase a home. At a 4.3% interest rate compounded annually, how
much will the loan be after 5 years?
A. P45,689 C. P195,000
B. P240,689 D. P41,925
9. An investment earns 3% each year and is compounded monthly. Calculate the total value after 6 years from an
initial investment of 5,000.
A. 5,114.74 C. 5,984.74
B. 4,984.74 D. 2,984.74
10. Your 6 year investment of 40,000 at 14% interest compounded annually is worth how much now?
A. 47,798.90 C. 127,798
B. 87,798.90 D. 7,798

Set 1
Name: ____________________________________________ Section: _____________________ Score: ____________
QUIZ #2 – Compound Interest (compounding once a year)

1. Kennedy won P3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest
compounded annually, how much total interest will she earn in 10 years?
A. P490.50 C. P350.25
B. P900.75 D. P992.78
2. The compound interest formula is: A=P(1 + r)t. What does the A represent?
A. The amount required to invest.
B. The amount of interest earned.
C. The amount of time that has passed.
D. The total amount of money after a certain amount of time.
3. Calculate the interest rate for an account that started with $5,000 and now has $13,000 and has been compounded
annually for the past 12 years.
A. 9.288% C. 3.288%
B. 11.288% D. 8.288%
4. Robert invested P200 in a retirement account that had a rate of 20% that compounds annually. If Robert leaves his
money in for 3 years, how much money will be in his account?
A. P240.50 C. P288.00
B. P300.60 D. P345.60
5. Jayden earned 475 from mowing lawns last summer. He deposited this money in an account that pays an interest
rate of 3.8% compounded annually. What will be his balance after 15 year?
A. 827.52 C. 839.45
B. 831.10 D. 846.80
6. An investment earns 3% each year and is compounded monthly. Calculate the total value after 6 years from an
initial investment of 5,000.
A. 5,114.74 C. 5,984.74
B. 4,984.74 D. 2,984.74
7. Bruno was given 2000 when he turned 3 years old. His parents invested it at a 2% interest rate compounded
annually. No deposits or withdrawals were made. Which expression can be used to determine how much money
Bruno had in the account when he turned 16?
A. 2000(1+0.02)13
B. 2000(1-0.02)13
C. 2000(1+0.02)16
D. 2000(1-0.02)16
8. The Arnold's took out a loan for 195,000 to purchase a home. At a 4.3% interest rate compounded annually, how
much total will they have paid after 30 years?
A. 412,749.79
B. 529.305.61
C. 689,546.99
D. 640,891.53
9. Your 6 year investment of 40,000 at 14% interest compounded annually is worth how much now?
A. 47,798.90 C. 127,798
B. 87,798.90 D. 7,798
10. A teacher wants to invest 30,000 into an account that compounds annually. The interest rate at this bank is 1.8%.
How much money will be in the account after 6 years?
A. 43,389.35
B. 35,389.35
C. 33,389.35
D. 37,389.35
Set 2
Name: ____________________________________________ Section: _____________________ Score: ____________
QUIZ #2 – Compound Interest (compounding once a year)

1. The Henley's took out a loan for P195,000 to purchase a home. At a 4.3% interest rate compounded annually, how
much will the loan be after 5 years?
a. P45,689
b. P240,689
c. P195,000
d. P41,925
2. Robert invested P200 in a retirement account that had a rate of 20% that compounds annually. If Robert leaves his
money in for 3 years, how much money will be in his account?
a. P240.50 c. P288.00
b. P300.60 d. P345.60
3. The compound interest formula is: A=P(1 + r) . What does the A represent?
t

a. The amount required to invest.

b. The amount of interest earned.
c. The amount of time that has passed.
d. The total amount of money after a certain amount of time.
4. Riley invested 1,000 in savings bonds. If the bonds earn 6.75% interest compounded annually, how much total
interest will Riley earn in 15 years?
a. 1,663.90 c. 2,663.00
b. 663.90 d. 1,000.90
5. Calculate the interest rate for an account that started with $5,000 and now has $13,000 and has been compounded
annually for the past 12 years.
a. 9.288% c. 3.288%
b. 11.288% d. 8.288%
6. Erik has 40 in a savings account that earns 5% interest, compounded annually. How much will he have in 2 years?
a. 44 c. 34.10
b. 44.10 d. 24.10
7. Mickey earned P475 from mowing lawns last summer. He deposited this money in an account that pays an interest
rate of 3.8% compounded annually. What will be his balance after 4 years?
a. P827.52 c. P539.45
b. P551.42 d. P646.80
8. A teacher wants to invest 30,000 into an account that compounds annually. The interest rate at this bank is 1.8%.
How much money will be in the account after 6 years?
a. 43,389.35 c. 33,389.35
b. 35,389.35 d. 37,389.35
9. Bruno was given 2000 when he turned 3 years old. His parents invested it at a 2% interest rate compounded
annually. No deposits or withdrawals were made. Which expression can be used to determine how much money
Bruno had in the account when he turned 16?
a. 2000(1+0.02)13
b. 2000(1-0.02)13
c. 2000(1+0.02)16
d. 2000(1-0.02)16
10. Your 6 year investment of 40,000 at 14% interest compounded annually is worth how much now?
a. 47,798.90
b. 87,798.90
c. 127,798
d. 7,798

Set 3
Name: ____________________________________________ Section: _____________________ Score: ____________
QUIZ #2 – Compound Interest (compounding once a year)

1. The compound interest formula is: A=P(1 + r)t. What does the A represent?
A. The amount required to invest.
B. The amount of interest earned.
C. The amount of time that has passed.
D. The total amount of money after a certain amount of time.
2. Bruno was given 2000 when he turned 3 years old. His parents invested it at a 2% interest rate compounded
annually. No deposits or withdrawals were made. Which expression can be used to determine how much money
Bruno had in the account when he turned 16?
A. 2000(1+0.02)13 C. 2000(1+0.02)16
B. 2000(1-0.02)13 D. 2000(1-0.02)16
3. Robert invested P200 in a retirement account that had a rate of 20% that compounds annually. If Robert leaves his
money in for 3 years, how much money will be in his account?
A. P240.50 C. P288.00
B. P300.60 D. P345.60
4. The Arnold's took out a loan for 195,000 to purchase a home. At a 4.3% interest rate compounded annually, how
much total will they have paid after 30 years?
A. 412,749.79 C. 689,546.99
B. 529.305.61 D. 640,891.53
5. Kennedy won P3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest
compounded annually, how much total interest will she earn in 10 years?
A. P490.50
B. P900.75
C. P350.25
D. P992.78
6. Your 6 year investment of 40,000 at 14% interest compounded annually is worth how much now?
A. 47,798.90 C. 127,798
B. 87,798.90 D. 7,798
7. Calculate the interest rate for an account that started with $5,000 and now has $13,000 and has been compounded
annually for the past 12 years.
A. 9.288% C. 3.288%
B. 11.288% D. 8.288%
8. Your 440 gets 5.8% interest compounded annually for 8 years. What will your 440 be worth in 8 years?
A. 250.78 C. 1,130
B. 690.78 D. 940.78
9. An investment earns 3% each year and is compounded monthly. Calculate the total value after 6 years from an
initial investment of 5,000.
A. 5,114.74
B. 4,984.74
C. 5,984.74
D. 2,984.74
10. A teacher wants to invest 30,000 into an account that compounds annually. The interest rate at this bank is 1.8%.
How much money will be in the account after 6 years?
A. 43,389.35
B. 35,389.35
C. 33,389.35
D. 37,389.35

Set 4