Test
Exchange rates and compound interest
Dynamic tasks on currency conversion, rate comparison, compound interest, loan fees and financial offers.
Time left: 00:00:00
Sample questions
- €1 = ___ USD. How many US dollars will you receive for €___?
- €1 = ___ USD. How many euros are needed to receive $___?
- When exchanging €___ for dollars, offer A gives ___ USD per euro and offer B gives ___. Which gives more dollars?
- A deposit of ___ earns ___% compound interest annually for ___ years. What is the final amount?
- The same amount is invested for ___ years at ___% simple or compound interest. Which statement is correct?
Exchange rates and compound interest
An exchange rate states how many units of one currency correspond to one unit of another. Before multiplying or dividing, read the direction of the rate and check which currency the answer requires. A bank fee changes the amount actually received.
Compound growth
With compound interest, each period earns interest on the accumulated amount: A = P(1 + r)ⁿ. When comparing offers, include the time period, percentage rate and all fees. Round money to cents only at the end of the calculation.
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