Test 2. Compound interest-type problems

 1. A new car is bought for £23000. Each year, its value depreciates (goes down) by 15% of its value at the start of the year. How much is the car worth after 3 years?  

 а) £14,125.18 ;     

 b)  £14,124.60;     

 c)  £14,126.68;     

 d)  £14,124.88.

 2. The population of a country decreases by 4% of its size at the start of every year. If the population is 8 million, what will it be after 3 year?

 а)  7,077.888;     

 b)  7,077.868;     

 c)  7,078.866;     

 d)  7,074.634.

 3. A bacteria culture starts with 4000 bacteria. Each hour the number of bacteria increases by 20%. How many bacteria will there be after 3 hours?

 а)  6914;      b)  6922;     

 c)  6912;      d)  6916.

 4. Mohammed puts £200 in a bank at 6% p. a. (per annum) compound interest. Geena puts £210 in a bank at 4% p. a. compound interest. What will have more money in the bank after 2 years?

 а)  ;      b)  Geena;     

 c)  ;      d)  Mohammed.

 5. Mohammed puts £200 in a bank at 6% p. a. (per annum) compound interest. Geena puts £210 in a bank at 4% p. a. compound interest. How much more?

 а)  £2.46;      b)  £2.84;     

 c)  £2.42;      d)  £2.22.

 6. £800 is put in a bank with 10% p. a. (per annum) compound interest. Work out the total money in the bank after 3 years (use percentage multiplier 1.1).

 а)  £1064.80;     

 b)  £1068.80;     

 c)  £1065.45;     

 d)  £1064.60.

 7. £800 is put in a bank with 10% p. a. (per annum) compound interest. How much money is in the bank after 5 years?

 а)  £1288.53;     

 b)  £1288.41;     

 c)  £1286.45;     

 d)  £1289.49.

 8. £800 is put in a bank with 10% p. a. (per annum) compound interest. How much money is in the bank after 10 years? (just multiply £800 by 1.1 ten times)

 а)  £2074.99;     

 b)  £2076.89;     

 c)  £2074.66;     

 d)  £2075.50.

 9. Another bank pays 7% p. a. compound interest. If you put in £400, how much money would be in the bank after 2 years?

 а)  £457.96;     

 b)  £457.96;     

 c)  £457.96;     

 d)  £457.96.

10. Another bank pays 7% p. a. compound interest. If you put in £400, how much money would be in the bank after 3 years?

 а)  £490.02;      b)  £494.02;     

 c)  £492.20;      d)  £490.12.

11. Another bank pays 7% p. a. compound interest. If you put in £400, how much money would be in the bank after 5 years?

 а)  £560.20;      b)  £562.12;     

 c)  £561.02;      d)  £561.24.

12. A building society offers 4.7% p. a. compound interest. If you put £1200 into the building society, how much would you have 3 years later?

 а)  £1378.44;     

 b)  £1376.20;     

 c)  £1377.48;     

 d)  £1377.28.