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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the formula for calculating compound interest?
💡 Hint: Think about how principal and interest come together.
Question 2
Easy
If you invest $1,000 at a 3% interest rate for 1 year, how much will it grow?
💡 Hint: Use the formula with n equal to 1.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the 'r' represent in the compound interest formula?
- The total amount after n years
- The interest rate as a decimal
- The initial principal
💡 Hint: Think about how the interest rate is calculated.
Question 2
True or False: Compound interest is calculated only on the original principal.
- True
- False
💡 Hint: Recall the difference between compound and simple interest.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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?
💡 Hint: Make sure to raise 1.06 to the 8th power before multiplying.
Question 2
A trust fund of $10,000 is set to earn a 5% interest rate compounded annually. Calculate the total amount after 12 years.
💡 Hint: Use the power of compounding to see how the total grows.
Challenge and get performance evaluation