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Back to Simple and Compound Interest

Exercise 14

Avg difficulty 2.5

Breylan invests $1,200 in an account that earns 4.6% APR compounded quarterly and Angad invests the same amount in an account that earns 4.55% APR compounded weekly.

  1. What will their balances be after 15 years?

  2. What will their balances be after 30 years?

  3. What is the effective rate for each account?

Lee et al., Math in Society, §2.2 Simple and Compound Interest, Exercise 14

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Adapted from Math in Society © 2018–2024 Portland Community College Math Instructors. Licensed under CC BY-SA 4.0. Source: Math in Society. Imported at revision 68ee43c.