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Daniel Math Academy · Grade 8 Math

Compound Interest

Skill E.1 · Percents & consumer math · ★★☆ Medium

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

1. 1
   Omar deposits $\text{\$}5,000.00$ in an account that earns $2\%$ interest compounded annually. How much interest does the account earn in $2$ years?
2. 2
   Maya deposits $\text{\$}2,300.00$ in an account that earns $3\%$ interest compounded annually. What is the balance after $4$ years?
3. 3
   Priya deposits $\text{\$}4,100.00$ in an account that earns $4\%$ interest compounded annually. What is the balance after $2$ years?
4. 4
   Jin deposits $\text{\$}1,100.00$ in an account that earns $3\%$ interest compounded annually. What is the balance after $2$ years?

Daniel Math Academy · Grade 8 Math

Answer Key

E.1 Compound Interest · ★★☆ Medium

1. 1$\text{\$}202.00$
2. 2$\text{\$}2,588.67$
3. 3$\text{\$}4,434.56$
4. 4$\text{\$}1,166.99$