Alternate Practice Quiz - Section 3-2 (Form B) - Compound Interest

Multiple-choice exercise

Work out the problem on paper and then choose the letter for your answer. After you have successfully answered all questions, look at the top of the page to see how you did.

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$8000 is invested at 2.9% interest, compounded quarterly. How much will the investment amount to in 2 years?

$8475.95

$8116.42

$8470.73

$65647.76

None of the answers given; click to see the solution.

Find the interest earned on $9200 invested at 3.4% compounded monthly for 4 years.

$1338.25

$10538.25

$104.71

None of the answers given; click to see the solution.

How many years will it take an investment of $3000 to double if money is invested at 4.6% compounded monthly?

15

181

2

None of the answers given; click to see the solution.

The future value of an investment is $12,157.44. If money was originally invested at 4.7% compounded semi-annually for 6 years, what was the amount of the original investment?

$9200

$16,065.58

$10,575.84

None of the answers given; click to see the solution.

$8000 is invested at annual compound interest. After 3 years, the investment has become $9314.02. What annual rate of compound interest was used?

5.2%

4.94%

15.6%

None of the answers given; click to see the solution.