Compound Interest

Daniel Math Academy · Grade 7 Math

Compound Interest

Skill G.6 · Consumer math · ★★☆ Medium

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Interest is compounded once a year. Round to the nearest cent.

1. 1
   Sam deposits $\text{\$}4,200.00$ in an account that earns $3\%$ interest compounded annually. What is the balance after $2$ years?
2. 2
   Grace deposits $\text{\$}4,100.00$ in an account that earns $2\%$ interest compounded annually. How much interest does the account earn in $2$ years?
3. 3
   Ana deposits $\text{\$}2,000.00$ in an account that earns $6\%$ interest compounded annually. What is the balance after $2$ years?
4. 4
   Maya deposits $\text{\$}1,300.00$ in an account that earns $3\%$ interest compounded annually. How much interest does the account earn in $3$ years?

Daniel Math Academy · Grade 7 Math

Answer Key

G.6 Compound Interest · ★★☆ Medium

1. 1$\text{\$}4,455.78$
2. 2$\text{\$}165.64$
3. 3$\text{\$}2,247.20$
4. 4$\text{\$}120.55$