5. Interest, investments and loans
Interactive practice questions
At what annual compound interest rate, $r$r, must Joanne invest $\$220$$220 if she wishes to triple her money in $17$17 years? Give your answer as a percentage correct to two decimal places.
Easy
5min
Isabelle is considering whether it would be greatly beneficial for her to invest her money now rather than $5$5 years down the track. For an initial investment of $\$3000$$3000, the function $A=3000\left(1.026\right)^t$A=3000(1.026)t models how value her money will grow to in $t$t years.
Regardless of whether she invests now or in $5$5 years time, she will close the account when she retires (more than $8$8 years in the future).
Easy
4min
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