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Type: Multiple-Choice
Category: Exponents
Level: Grade 12
Standards: HSA-SSE.B.3, HSA-SSE.B.3c
Author: nsharp1
Created: 5 years ago

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Grade 12 Exponents CCSS: HSA-SSE.B.3, HSA-SSE.B.3c

Compound interest can be calculated by the expression

$P(1+r/n)^(nt)$ , where

$P$ is the initial amount invested,

$r$ is the annual interest rate,

$n$ is the compounding period (the number of times the interest is compounded each year), and

$t$ is the number of years. The expression

$r/n$ gives the interest rate per compounding period. If the expression

$1.1255^(77.904 \ + \ t)$ gives the amount of money in an account that has interest compounded quarterly (four times per year), transform this expression to find the quarterly interest .

$60.5%$
$50.2%$
$12%$
$3%$