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Simple & Compound Interest

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121 views1 page

Simple & Compound Interest

Uploaded by

anika68b
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Simple & Compound Interest

1 Kai invests $5000 in an account paying simple interest at a rate of r % per year.
At the end of 8 years, the value of his investment is $5700. Find the value of r.
1.75

2 Janna and Kamal each invest $8000. 5


At the end of 12 years, they each have $12 800.
(i) Janna invests in an account that pays simple interest at a rate of r% per year.
Calculate the value of r. 4[.0] or
(ii) Kamal invests in an account that pays compound interest at a rate of R% per year. 3.99…
Calculate the value of R.
3 Ali invests $600 at a rate of 2% per year simple interest. 660
Calculate the value of Ali’s investment at the end of 5 years.
4 Sara invests $500 at a rate of r % per year compound interest. 1.55 or 1.549
At the end of 12 years, the value of Sara’s investment is $601.35, correct to the nearest cent. to 1.550
Find the value of r.
5 Anil invests $3500 in an account that pays a rate of 2.4% per year compound interest.
(i) Calculate the total interest earned at the end of 5 years.
441 or

(ii) Find the number of complete years before Anil has at least $5000 in this account.
440.6
or 440.64
to 440.65

6 Beatrice invests her $350 at a rate of 0.25% per month compound interest. Calculate the 407[.00] cao
16

amount Beatrice has at the end of 5 years. Give your answer correct to the nearest dollar. nfww
7 Gabrielle invests $500 at a rate of r % per year compound interest. 2.5[0] or
At the end of 8 years the value of Gabrielle’s investment is $609.20 2.499...
Find the value of r.
8 Carlos invests $4540 at a rate of r % per year compound interest.
At the end of 10 years he has earned $1328.54 in interest.
2.6[0] or

Calculate the value of r.


2.600…

9 (i) Dean invests $500 for 10 years at a rate of 1.7% per year simple interest.
Calculate the total interest earned during the 10 years.
85

(ii) Ollie invests $200 at a rate of 0.0035% per day compound interest.
203 or

Calculate the value of Ollie’s investment at the end of 1 year.


202.5 to

[1 year = 365 days.]


202.6

(iii) Edna invests $500 at a rate of r % per year compound interest.


At the end of 6 years, the value of Edna’s investment is $559.78 . 1.9
Find the value of r.
10 (a) Beth invests $2000 at a rate of 2% per year compound interest.
(i) Calculate the value of this investment at the end of 5 years.
2210 or
2208 or

(ii) Calculate the overall percentage increase in the value of Beth’s investment at the end of
2208.2, or

5 years.
2208.16…

(iii) Calculate the minimum number of complete years it takes for the value of Beth’s
10.4 or
investment
10.5 or
to increase from $2000 to more than $2500. 10.40 to
10.41

12

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