Year 10 Compound Interest and Depreciation

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The compound interest earned on $4600 at 12% p.a. for 2 years is:

1 point

$1104

$5704

$1170.24

$5770.24

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$1000 invested for 3 years at 3% compound interest amounts to:

1 point

$1.0927

$109.27

$1092.07

$1092.73

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The amount an investment of $8200 amounts to after 2 years, if 9.5% p.a. interest is compounded annually, is closest to:

1 point

$1558

$9832

$7790

$9758

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Which of the following is a correct method to calculate the compound interest on $3000 at 4% per annum over two years compounded annually?

1 point

$3000 × 1.04 × 2 − $3000

$3000 × 0.04 × 2 − $3000

$3000 × 1.04 × 1.04 − $3000

$3000 × 0.04 × 0.04 − $3000

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Chris opens a bank account and deposits $1000 into it. Interest is paid at 3.5% per annum, compounding annually. Assuming no further deposits or withdrawals are made, what will be the balance in the account at the end of two years?

1 point

$1070.00

$1071.23

$1822.50

$2070.00

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Three years ago an appliance was valued at $2467. Its value has depreciated by 15% each year, based on the declining-balance method.
What is its salvage value today, to the nearest dollar?

1 point

$952

$1110

$1357

$1515

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A computer was purchased for $2500 and depreciated over six years, as shown in the graph. By how much did the computer depreciate each year?

1 point

$200

$250

$300

$350

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Zara purchased a new computer for $4999. Use the declining balance method to determine the value of the computer after 2 years, assuming a depreciation rate of 40% per annum. (Answer to the nearest dollar.)

1 point

$800

$1000

$1800

$2000

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Jim bought a new car at the beginning of 2021 for $40 000. At the end of 2001 the value of the car had depreciated by 30%. In 2022 the value of the car depreciated by 25% of the value it had at the end of 2021. What was the value of the car at the end of 2022?

1 point

$18 000

$19 600

$21 000

$22 000

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