NAME DATE PERIOD

Practice 7.13(E) SCORE ______

Calculate and compare simple interest and compound interest earnings.

Multi-Step Example
Victoria deposited $2,000 into a savings account that earns 5% interest compounded annually. How much interest did she earn after 3 years? What is the starting balance for Year 4? Round to the nearest cent.
Use a table. Add interest earned to the previous balance to get a new starting balance for the next year.
So, Victoria earned $315.25 in interest and the starting balance for Year 4 is $2,315.25.

Course 2 • Measurement and Data TX167

NAME DATE PERIOD

1 Jason deposited $2,000 into a savings account that earns 5% simple interest. How much interest did he earn after three years?

A $110.25

B $210.00

C $300.00

D $315.25

2 Monica deposited $2,000 into a savings account that earns 6% simple interest. What is the starting balance for the fourth year?

F $2,120

G $2,360

H $3,200

J $3,600

3 Claudia deposited $3,000 into a savings account that earns 4% interest compounded annually. Part of Claudia’s bank statement is shown. How much interest does she earn in Year 3? Round to the nearest cent.

A $120.68

B $129.79

C $240.57

D $360.00

Course 2 • Measurement and Data TX167

NAME DATE PERIOD

Practice 7.13(E) (continued) SCORE ______

Course 2 • Measurement and Data TX167

NAME DATE PERIOD

4 Lamont deposited $4,000 into a savings account that earns 4.5% interest compounded annually. Part of Lamont’s bank statement is shown. What is the starting balance for Year 3? Round to the nearest cent.

F $4,180.00

G $4,368.10

H $4,564.66

J $4,770.07

5 Chan and Fala invested money as shown in the table. How much more interest did Fala earn, in dollars, after three years?

Round to the nearest cent. Record your answer and fill in the bubbles on your answer document. Be sure to use the correct place value.

6 Sallie deposited $4,000 into a savings account that earns 3.5% interest compounded annually. How much interest will she earn after five years?

A $140.00

B $700.00

C $590.10

D $750.75

7 Maggie invested money in a simple interest savings account and in a compound interest savings account as shown in the table. What is the total balance in both accounts after three years? Round to the nearest cent.

F $1,120.00

G $1,124.86

H $2,244.86

J $2,442.00

8 Renee and Edgar invested money as shown in the table. What is the difference in their starting balances in Year 4? Round to the nearest cent.

A $24.32

B $23.42

C $22.36

D $21.63

9 Calvin invested $1,000 earning 6% interest compounded annually. How much interest did he earn in 8 years? Round to the nearest cent.

Record your answer and fill in the bubbles on your answer document. Be sure to use the correct place value.

Course 2 • Measurement and Data TX167

NAME DATE PERIOD

Practice 7.13(E) SCORE ______

Student Recording Sheet

Fill in the correct answer. For gridded-response questions, write your answers in the boxes on the answer grid and fill in the bubbles to match your answers.

Course 2 • Measurement and Data TX167

NAME DATE PERIOD

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Course 2 • Measurement and Data TX167

NAME DATE PERIOD

Course 2 • Measurement and Data TX167