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Key Quiz 8.4
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1
Stella deposited $500 in an account that paid 3.15% per year compounded annually. How long will it take for the money to double in value?
A)22 years
B)23 years
C)221 years
D)2201 years
2
What interest rate, compounded quarterly, will double the value of a $10 000 investment in 10 years?
A)1.74%
B)6.95%
C)6.99%
D)7.18%
3
What interest rate, compounded semi-annually, will grow $2500 to $3500 in 5 years?
A)6.84%
B)6.79%
C)6.75%
D)3.39%
4
Fatima invests $50 000 at 10% compounded monthly. How long will it take for her investment to be worth $200 000?
A)1387 years
B)16 years
C)15 years
D)14 years
5
If you deposit $1000 in an account on your 18th birthday, what interest rate, compounded annually, would be needed so that you would have $50 000 in the account on your 65th birthday?
A)8.68%
B)8.5%
C)8.41%
D)8.35%





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