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Compound interest
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by Lonnie Myers
| 2 Questions
1
3 pts
Tomas' grandfather put $1000 in the bank for him when he was born. The account has been earning 5.25% interest compounded annually. Tomas is now 18 years old and wants to take out the money so he can go to college. How much money does he have now? Show how you got your answer.
2
4 pts
Ronna was listening to her parents talking about what a good deal compounded interest was for a retirement account. She wondered how much money she would have if she started investing at age 20 with interest compounded quarterly and left it until she reached age 65
How much money is Ronna planning to invest? What interest rate is she getting? How many times a year is the money compounded? How much will Ronna have at the end of the three years?
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