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Exercise 1

Avg difficulty 2.5

If you deposit $1,525 in an account at 5.6% APR for fourteen years, how much will you have in the account and how much interest did you earn after 14 years if:

  1. The interest is compounded using simple interest.

  2. The interest is compounded quarterly.

  3. The interest is compounded weekly.

  4. The interest is compounded continuously.

Lee et al., Math in Society, Financial Math — Chapter 2 Review, Exercise 1

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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.