G.6

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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.

Example

Think: Each year the balance is multiplied by (the whole balance plus of it), so after 2 years it is multiplied by . Simple interest would give only .

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    Maya deposits in an account that earns interest compounded annually. What is the balance after years?
  2. 2
    Grace deposits in an account that earns interest compounded annually. What is the balance after years?
  3. 3
    Omar deposits in an account that earns interest compounded annually. How much interest does the account earn in years?
  4. 4
    Leo deposits in an account that earns interest compounded annually. How much interest does the account earn in years?
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Daniel Math Academy · Grade 7 Math

Answer Key

G.6 Compound Interest · ★★☆ Medium

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