Examples Compound Interest

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Presentation transcript:

Examples Compound Interest Write an exponential growth model that describes the situations. 1) You deposit $5000 in an account that pays 7.25% annual interest compounded quarterly. 2) You want to have $25,000 in your account after 8 years. The account pays 3.4% annual interest compounded monthly.

Examples Compound Interest Write an exponential growth model that describes the situations. Answer the questions asked. 3) You deposit $10,000 in an account. Find the balance after 9 years for each of the situations described below. What is the difference between the highest and lowest yield balances after 9 years? A) The account pays 4% compounded annually. B) The account pays 3.95% compounded quarterly. C) The account pay 3.9% compounded monthly.

Examples Compound Interest Write an exponential growth model that describes the situations. Answer the questions asked. 4) How much would need to be deposited in a savings account paying 4.28% annually so that there would be $18,000 in the account after 20 years.

Examples Compound Interest Write an exponential growth model that describes the situations. Answer the questions asked. 5) A house was purchased for $75,000 in 1975. It was appraised at $225,000 in 2008. What was it annual rate of increase on average?