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Calculate Interest Earned
6 Questions
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Calculate Interest Earned

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Questions and Answers

What is the principal amount in the given scenario?

  • $25,000
  • $15,000
  • $30,000
  • $20,000 (correct)

    • What is the interest rate in the given scenario?

  • 2.6%
  • 3.6% (correct)
  • 4.6%
  • 5.6%

    • For how many years is the interest compounded continuously in the given scenario?

  • 5 years (correct)
  • 4 years
  • 6 years
  • 3 years

    • What is the formula used to calculate interest compounded continuously?

    <p>Pe^(rt)</p> Signup and view all the answers

    If the interest rate were to decrease by 1%, how would the interest earned change?

    <p>It would decrease</p> Signup and view all the answers

    What would be the interest earned if the interest was compounded annually instead of continuously?

    <p>It would be less</p> Signup and view all the answers

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