Loading the lesson
Loading the lesson
Search AllRounder.ai
Search the courses, subjects, tracks, games and features, or jump straight to a page.
Search the courses, subjects, tracks, games and features, or jump straight to a page.
4 cards from this section. Quick, good the night before a test.
What is the formula for calculating compound interest?
Think about how principal and interest come together.
If you invest $1,000 at a 3% interest rate for 1 year, how much will it grow?
Use the formula with n equal to 1.
What does the 'r' represent in the compound interest formula?
Think about how the interest rate is calculated.
True or False: Compound interest is calculated only on the original principal.
Recall the difference between compound and simple interest.
You deposit $4,000 at a 6% interest rate compounded annually for eight years. How much will you have at the end of the term?
Make sure to raise 1.06 to the 8th power before multiplying.
A trust fund of $10,000 is set to earn a 5% interest rate compounded annually. Calculate the total amount after 12 years.
Use the power of compounding to see how the total grows.
5 more questions in this section. Enroll free to practise them all.
Enroll free