Continuous Compound Interest
Kimi invest $4,000 at 3% interest compounded continuously. How much money will she have in 4 years?
$4509.99
Principal: $600
Rate: 5%
Time: 3 years
$90
Jose's final balance after opening a savings account with the principal $2,000 that pays 5% interest, compounded quarterly for 1 year.
What is $2101.89?
Adding money to a savings account on a regular basis (same deposits made at regular intervals) is called?
What is periodic investment or periodic deposits?
Nick wants to install central air conditioning in his home in 3 years. He estimates the total cost to be $15,000. To get this he will deposit a certain amount monthly into an account that pays 4% interest, compounded monthly. How much will he deposit?
What is $392.86?
Cyndie invests some money at 2% compounded continuously. If after 6 years she has $1,691.25, what was her initial investment?
$1500
Principal: $750
Rate: 3.5%
Time: 6 years
$157.50
You deposit $1,000 at 100% interest, compounded continuously, for one year.
What is $2718.28?
Linda and Rob deposit $1,200 every month in an online savings account that has a 3.6% annual interest rate, compounded monthly for 10 years. Find the ending balance?
What is $173,022.87?
Ritika just graduated from college. To get $100,000 in her savings account after 10 years, she will deposit a certain amount now at a 3.8% interest rate, compounded daily. How much will she deposit?
What is $68,387.49?
Ashleigh put some money into an account paying 4.5% compounded continuously for 10 years. She now has $3,567.91 in the account. How much money did she start the account with?
$2275
Principal: $2,345
Rate: 3.2%
Time: 9 years
$675.36
Marie's ending balance after she deposits $1,650 for three years at 3% interest, compounded daily.
What is $1805.38?
Rich and Laura are both 45 years old. They open an account at the Rhinebeck Savings Bank with the hope that it will gain enough interest by their retirement age of 65. They deposit $5,000 each year into an account that pays 4.5% interest, compounded annually
What is $156,857.11?
Randy wants to have saved a total of $200,000 by some point in the future. He is willing to set up a direct deposit account with a 4.5% APR, compounded monthly, and wants to have enough saved in 20 years. Find how much he needs to deposit each month.
What is $515.30?
Principal: $845.50
Rate: 1.6%
Time: 7 months
$7.89
Craig's ending balance after he deposits $5,000 at 5.12% interest, compounded continuously for four years
What is $6136.40?
Rich and Laura are both 45 years old. They open an account at the Rhinebeck Savings Bank with the hope that it will gain enough interest by their retirement age of 65. They deposit $5,000 each year into an account that pays 4.5% interest, compounded annually.
Find the interest.
Hint: The interest is $156, 857.11 - the deposits.
What is $156, 857.11 - 100,000 = $56, 857.11?
Principal: $2,364.83
Rate: 3.8%
Time: 4 months
Find the total amount including interest.
Interest = $29.95
Total = $2,394.78