MA.912.FL.3.2

Solve real-world problems involving simple, compound and continuously compounded interest.

Examples

Example: Find the amount of money on deposit at the end of 5 years if you started with $500 and it was compounded quarterly at 6% interest per year. 

Example: Joe won $25,000 on a lottery scratch-off ticket. How many years will it take at 6% interest compounded yearly for his money to double?

Clarifications

Clarification 1: Within the Algebra 1 course, interest is limited to simple and compound.
General Information
Subject Area: Mathematics (B.E.S.T.)
Grade: 912
Strand: Financial Literacy
Status: State Board Approved

Related Courses

This benchmark is part of these courses.
1200310: Algebra 1 (Specifically in versions: 2014 - 2015, 2015 - 2022, 2022 and beyond (current))
1200320: Algebra 1 Honors (Specifically in versions: 2014 - 2015, 2015 - 2022, 2022 and beyond (current))
1200330: Algebra 2 (Specifically in versions: 2014 - 2015, 2015 - 2022, 2022 and beyond (current))
1200340: Algebra 2 Honors (Specifically in versions: 2014 - 2015, 2015 - 2022, 2022 and beyond (current))
1200370: Algebra 1-A (Specifically in versions: 2014 - 2015, 2015 - 2022, 2022 and beyond (current))
1200380: Algebra 1-B (Specifically in versions: 2014 - 2015, 2015 - 2022, 2022 and beyond (current))
1200400: Foundational Skills in Mathematics 9-12 (Specifically in versions: 2014 - 2015, 2015 - 2022, 2022 and beyond (current))
7912070: Access Mathematics for Liberal Arts (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2019, 2019 - 2022, 2022 and beyond (current))
7912080: Access Algebra 1A (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2019, 2019 - 2022, 2022 and beyond (current))
7912090: Access Algebra 1B (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2019, 2019 - 2022, 2022 and beyond (current))
1200315: Algebra 1 for Credit Recovery (Specifically in versions: 2014 - 2015, 2015 - 2022, 2022 and beyond (current))
1200375: Algebra 1-A for Credit Recovery (Specifically in versions: 2014 - 2015, 2015 - 2022, 2022 and beyond (current))
1200385: Algebra 1-B for Credit Recovery (Specifically in versions: 2014 - 2015, 2015 - 2022, 2022 and beyond (current))
7912075: Access Algebra 1 (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2019, 2019 - 2022, 2022 and beyond (current))
7912095: Access Algebra 2 (Specifically in versions: 2016 - 2018, 2018 - 2019, 2019 - 2022, 2022 and beyond (current))
1207350: Mathematics for College Liberal Arts (Specifically in versions: 2022 and beyond (current))
1200388: Mathematics for Data and Financial Literacy Honors (Specifically in versions: 2022 and beyond (current))
1200384: Mathematics for Data and Financial Literacy (Specifically in versions: 2022 and beyond (current))
7912120: Access Mathematics for Data and Financial Literacy (Specifically in versions: 2022 and beyond (current))

Related Access Points

Alternate version of this benchmark for students with significant cognitive disabilities.
MA.912.FL.3.AP.2: Solve real-world problems involving simple and compound interest.

Related Resources

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