Use the Compound Interest Table to Calculate the Compound Interest

question 32

Multiple Choice

Use the compound interest table to calculate the compound interest on Corrine s principal of $3,000 at 6% compounded quarterly for two years. $\begin{array}{rccccccc}\hline n & 0.5 \% & 1 \% & 1.5 \% & 2 \% & 3 \% & 4 \% & 5 \% \\\hline 1 & 1.00500000 & 1.01000000 & 1.01500000 & 1.02000000 & 1.03000000 & 1.04000000 & 1.05000000 \\2 & 1.01002500 & 1.01010000 & 1.03022500 & 1.04040000 & 1.06090000 & 1.08160000 & 1.10250000 \\3 & 1.01507513 & 1.03030100 & 1.04567837 & 1.06120800 & 1.09272700 & 1.12486400 & 1.15762500 \\4 & 1.02015050 & 1.04060401 & 1.06136355 & 1.08243216 & 1.12550881 & 1.16985856 & 1.21550625 \\5 & 1.02525125 & 1.05101005 & 1.07728400 & 1.10408080 & 1.15927407 & 1.21665290 & 1.27628156 \\6 & 1.03037751 & 1.06152015 & 1.09344326 & 1.12616242 & 1.19405230 & 1.26531902 & 1.34009564 \\7 & 1.03552940 & 1.07213535 & 1.10984491 & 1.14868567 & 1.22987387 & 1.31593178 & 1.40710042 \\8 & 1.04070704 & 1.08285671 & 1.12649259 & 1.17165938 & 1.26677008 & 1.36856905 & 1.47745544 \\9 & 1.04591058 & 1.09368527 & 1.14338998 & 1.19509257 & 1.30477318 & 1.42331181 & 1.55132822 \\10 & 1.05114013 & 1.10462213 & 1.16054083 & 1.21899442 & 1.34391638 & 1.48024428 & 1.62889463\end{array}$ $$\begin{array} { c } \hline 6 \% \\\hline 1.06000000 \\1.12360000 \\1.19101600 \\1.26247696 \\1.33822558 \\1.41851911 \\1.50363026 \\1.59384807 \\1.68947896 \\1.79084770\end{array}$$

• A) $285.39
• B) $379.48
• C) $1,781.54
• D) $3,379.49

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Definitions:

Cornea

The transparent front part of the eye that covers the iris, pupil, and anterior chamber, contributing most of the eye's focusing power.

Transparent Structure

A system or organization in which the operational processes, decisions, and principles are made clear and accessible to its members or the public.

Additive Colour Mixing

The process of creating new colors by mixing different colors of light, with primary colors typically being red, green, and blue.

Spotlights

Focused beams of light used to illuminate a specific area or object, commonly employed in performances or presentations to draw attention.